Now you have one property free and clear.

We are actively investing in the Champaign market, selling an inheritance property in Central Florida and trying to figure out what to do with our long term lease in Phoenix, AZ that is currently costing us a few $100 vs. cash flowing :) Excited to meet others, would love to know of any in person meet ups in southern/central Illinois. happy to be here!

Both units were separately metered with all mechanicals in working order, making it an ideal property for investors.

I have a rental property that used to be our primary residence.

Next question, we are currently reviewing another property as our potential next buy.

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

An old college friend and I have decided to partner together to BRRRR properties out of state in order to grow as quickly as possible.

What are some of the most effective marketing strategies used by property managers of multifamily properties 30 units and up to attract tenants? 

Don’t just stop at “they say.”Also, write letters to your local papers and other media about the city’s refusal to delist properties. 

While you can’t use real estate losses to offset your W-2 income, you can use losses from one rental property to offset the income from another.