In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

Quote from @La Toya Flowers Butler: I'm a newbie to real estate investing, looking to learn, cultivate business relationships, and invest!  

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

While automation and calculators can certainly improve efficiency and reduce human error, they can’t replace the judgment gained through repetition and real-world experience.

I've been on the western slope for over 30 yrs.I built my primary, its; Slab on grade, stucco, concrete roof, painted with E-84n roof soffits and tailings fire caulk (anti-ember) vulcan fire vents, 4 car wide concrete driveway, extra large house numbers, red 3/4" hoses on reals @every corner, completely denuded of vegetation 100ft.

Hi Ryan,Welcome to the BP community and congratulations on taking the leap into real estate investing.Wishing you much success on your journey.

I'm Zoltan from DFW (TX) passionate about real estate investing for last 10 years.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

Your journey in real estate is inspiring, and it’s amazing how you’ve built on your mom’s legacy.