Make sure the money you receive from rentals pays for all of your out-of-pocket costs, such as upkeep, insurance, taxes, and mortgage payments.Underestimating the Outlay: Add up all of the costs that come with owning and operating rental properties, such as capital expenditures, repairs, vacancies, and property management fees.

All commercial loans will now have new covenants if borrowers do not provide timely personal financial statements, personal tax returns, business tax returns, rent rolls (if applicable) timely.Personal financial statements and rent rolls (if applicable) are due within 60 days of the expiration date of the personal financial statement.

You can write off expenses like taxes, insurance, etc.

I purchased a 1 BR 900sqft condo in 2021 with a depreciable tax basis of ~$275k and spent most of 2021 and first half of 2022 renovating the property (new appliances, flooring, painting, furniture, bathroom renovation, new kitchen countertops, new electric heaters, insulation, fireplace/pellet stove).

LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

Make sure that you have enough cash not only for the down payment, but also to cover the costs of closing, origination fees, property taxes, insurance and so on.

It is simply the IRS tax law.

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

I don’t need to submit a No Tax Due Report?