. :/ I was hoping someone on here could help me make my first moves to getting an income property or my fist condo, or home or whatever!  

House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income but it's important to have a long-term plan in place.

The way the deal would work as it stands now, he would put up about 65% of the money i'd have the rest and I will buy my way (via cashflow, and income) to 50/50.

General considerations include:Income Taxes- Report rental income, distinguishing between short-term and long-term rentals.- Utilize depreciation deductions to reduce taxable income.- Understand passive activity loss rules limiting deduction of losses from passive activities.Capital Gains Taxes- Be aware of tax implications when selling property, considering short-term and long-term rates.- Explore strategies like 1031 exchanges to defer capital gains taxes.Deductions and Expenses- Know eligible deductions: mortgage interest, property taxes, insurance, maintenance, and management fees.- Maintain detailed records of all real estate-related expenses.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.

If you are looking to buy based on NOI (the income stream) then you should educate yourself about cap rates.  

So it’s all tax free income.

@Vasudha Chaudhary everyone is jumping on the "passive income via real estate" bandwagon BEFORE doing enough research!

You also keep the rental income.  

If it wasn’t disregarded you’d pay double the income taxes.

I had around $60,000 to invest.I bought 3 cheap/low income houses paying cash.