Looking for help and suggestions- I want to say I have learned my lesson and now know to use a third party to hold funds.This is my first time working with a private lender/family member.

Rental income is subject to tax, but it is also possible to deduct many costs related to owning and maintaining rental property, including property management fees, repairs, and mortgage interest payments.Additionally, for those investors holding properties in Germany for the long-term, the country's capital gains tax law is attractive.

.- Depends on what you're doing specifically, but usually I'd recommend getting an EIN at least to give access to business bank accounts- Repeating #1, if you're going to a property and 100% of your time is spent doing renovations and the like, sure, but if any of it is for personal benefit, that'd be disallowed.

@John Lasher What is holding you back?

There were several mistakes made on my tax returns that I pointed out, which required going back and forth with their tax preparers, and asking repeatedly to cut to the chase and have a phone call.

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits. 

Remember this is a marathon......That said are you planning to flip, hold(short or long term?)

Play the long game and hold onto that equity. 

Long-term buy-and-hold rentals in stable neighborhoods, prioritizing consistent cash flow and responsible management over rapid appreciation.

Investment Info:Condo buy & hold investment.