To meet his burden of proof under IRC 7491, the taxpayer must comply with the recordkeeping requirements of the regulations.

Plan for the Long TermTax Planning: Understand tax implications and consider strategies such as 1031 exchanges for deferring capital gains taxes.Estate Planning: Develop a plan for passing on your real estate investments to heirs.Additional Tips:Stay Disciplined: Stick to your investment plan and avoid making emotional decisions.Continuous Learning: Real estate markets evolve, so stay updated with industry trends and regulations.Risk Management: Be aware of risks such as vacancies, unexpected expenses, and interest rate fluctuations.By following these steps and remaining committed to your goals, you can progressively build wealth and achieve financial freedom through real estate investing.

I remember 6 or 7 years ago, the hosts of the BiggerPockets podcast would encourage investors to go to local meetups to meet with other local investors to network and learn about real estate investing in their areas.

Then: I want the lowest interest rate possible.Now: I want the easiest bank to work with.I think my investing career has gotten easier and more fun since I've changed my mind on the above 3 items.

Comparing current rent with market rents, vacancy rates, and additional income sources helps estimate costs.

Or you can apply a discount rate to your total capex in accordance to when you forecast the expenses.

Here’s a 10-step process to get started with out-of-state real estate investing:Research and Select a Market:Identify markets with strong economic fundamentals, job growth, population growth, and potential for real estate appreciation.Consider factors like rental demand, vacancy rates, and local landlord-tenant laws.

Personally, I would give them notice of termination and start fresh with a new renter that I've personally selected, using my lease, at my rent rate.

These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

It helps you find reliable property management partnerships and gives you everything you need to make confident hiring decisions:Expert Matching: Match with professionals who meet your criteriaExtra Assurance: Licenses, experience, ratings, reviews, and more that can be cross-checked with BiggerPockets membersBonus Content: Receive an essential interactive workbook: “How to Interview Property Management Companies