I should have mentioned that we are planning to make the SFR a short-term rental...What tax forms would we use for a short-term rental? 

Originally, I had planned to wholesale the property for a quick $15,000 profit.

I am planning on renting my first property and I am wondering if property insurance is separate from landlord insurance?

Juan is amazing because he doing way more than the filing....tax planning is imperative for real estate investors.

The exercise of tracking it regularly helps to keep it top of mind and it also allows me to see how my plans are working compared to my goals and if I need to make adjustments (I agree with @Chris Clothier that you've got a keep a long-term perspective because real estate investing, like life in general, is a marathon not a sprint).Great question, Allan!

.• 3-year business plan goals achieved in under 12 months• Listed for sale at 2026 projected price of $1.875M• Accepted $1.825M cash offer from 1031 exchange buyer• Closed sale in Oct. 2023 to secure long-term capital gains• New Sales Record Set: $228K per unit sale price, the highest ever in Bridgeport CThttps://westfaironline.com/real-estate/bridgeport-mixed-use-property-breaks-record-for-price-per-unit-sale/ Lessons learned?

Are you planning on using 5k or 25K of the 30k space?

We are closing on our first rental property with plans to rent to college students.

I also plan on forming 2 new LLCs, 1 for new acquisitions and 1 for marketing my buy-and-hold rentals.

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