Your paying for expertise, guidance and with the right person you will potentially save thousands in other ways. 

Looking at potentially doing student rental out there.

Do not defer repairs if a potentially dangerous situation arises.3.

From the real estate you are going to be getting Passive Activity Losses (PALs) which is depreciation to offset passive income, potentially reducing your overall tax liability.

Depending on how clever the current tenants are, they could potentially drag it on for lot longer. 

Thanks Can potentially help - do you have further details on the property? 

@Francis Faucher and @Matthew Gentile Thank you both.As I continue to research the syndicate or JV models where I do not have to be involved the day to day operations and decisions seem most aligned.Matthew, appreciate the potential referral for accountants.

In practice, it is all case by case.One of the first hurdles is the economic substance of the setup.

That's generally best practice. 

Hey BP Community - New real estate investor here and I want to get ahead of ‘watch outs’ or adopt some best practices that I might not have considered so far.