Had a CPA for taxes for years.

Appreciation, tax benefits could make it a sound, long term investment.

Then in 6-12 months do a cash out refinance and take out cash "Tax free".  

No income tax if it’s your primary residence and you own for two years.  

For example, they will receive a lump sum for their equity, and receive the rest of their equity over time, which spreads out the capital gains taxes they pay.

What documents are needed for me to claim this on my taxes? 

One thing you might also consider when choosing a place to invest out of state is; After you have property there you can visit the area for business and a have tax write off.

For further details on this parameter, please consult our user guide.We have allocated a budget of $15,000 for renovations / refurbishments.The purchase price of a 2-bedroom / 2-bathroom unit in this area is $498,000, with 5% of this price allocated for closing costs.A turnover cost of $175 per booking has been factored in, with no rental management fee assumed, indicating that you will manage bookings and cleaning services independently.The mortgage rate is set at a fixed 7% per year, with an 80% loan-to-value ratio (LTV) and a 20-year term.For the remaining parameters in our financial model, please refer to the image above.Taking these values into account, below are the results of the financial case study.Some insights:The results show the anticipated performance of a 2-bedroom / 2-bathroom unit in the southwestern area of Okaloosa Island, Florida.Expected gross revenue amounts to $78,240, derived from 47 bookings with an average stay of 5 days at an average daily rate of $325 (inclusive of cleaning fees).Total yearly expenses add up to $68,014, encompassing various costs from private mortgage insurance (PMI) to property taxes and annual loan repayments.The cash required for this deal totals $139,550, incorporating the 20% down payment for the mortgage, 5% closing costs, and the $15,000 renovations budget.Pre-tax net revenue stands at $10,226, representing a 7.33% cash-on-cash (CoC) return.The annual return on investment (ROI) is 1.9%, excluding value appreciation.

Josh,Typically when you set up your LLC you need to establish your EIN Tax ID and open up a Business checking account. 

A cost segregation study is one of the most beneficial tax benefits for commercial real estate properties.