However I only have 1 year of tax returns.

We chose to go wide, buying 10 SFRs with 20% down, and then we used the debt snowball to accumulate rents and pay off the mortgages quickly.

So I would be paying it back with after tax dollars to only pay tax on them again when I retire.

No personal income or tax returns needed.

Lots of tax delinquent 3.3 acre lots there.

I’m a W-2 employee in a high income tax state.

Also I am trying to file taxes without a cpa.

Hey guys curious, is it smart to open an llc and rent a room out on my own property just for the tax benefits ? 

If your all-in cost to build for below market value and you are able to place quality tenants, then you should be able to leverage the completed project in a way that allows you to pull out some of your initial investment tax deferred to fund future investments while keeping the rental income and future appreciation.I am a CPA by day and advise many developers on tax strategies.

If you open this as a single-member LLC, it gets a little tricky with additional state taxes when sold or if something were to happen to the single member and the property went to a family member.