💡 There are three major categories of income recognized by the Internal Revenue Service (IRS):📌Portfolio Income📌Earned Income✅Passive IncomeNearly everyone is familiar with earned income.

The management and ongoing operations are the biggest challenge to do really well.

Again, a survey is required by the lender so nothing to dispute or fight.As far as FHA, the biggest difference is the property will need to pass inspection.

The section 8 tenant in the biggest apartment paying the least amount in rent is not renewing their lease when it ends in October so we will be able to get market rent for that unit.5.

What were your biggest challenges?

I am asking because I want to set my wife up with Real Estate Professional Status and I am unclear on wether or not the LLC not owning the deed to the property impacts any of this or if it has any implications on recognizing the revenue generated during tax season.Thank you for your help!

However the biggest unknown is escrow and corporate advances that may have been made by the first lien holder.

My biggest mistake was telling my landlord I was moving out which put pressure on me to close the deal as fast as possible.  

However, this is a big mistake because home price appreciation will be the biggest contributor to your overall return on investment over a full market cycle. 

While everyone is talking true investing or running a RE related business, for most people the biggest single step they can take and take easily, is buying their personal residence.