I am buying single family homes in nice areas currently.

There is of course taking into account the area and if it is getting some life pumped back into it, sure you might have a builder or buyer wanting to put a house on it.I would love to hear from anyone with experience on holding on to an empty lot and just taking the hit on the taxes until you can sell for a large price. 

I would speak to your accountant

Quote from @Jordan Rodriguez: yes, the mortgage is under my llc and I'm the only sole proprietorCash the check in your business account  

Hi, I am new to Bigger Pockets and I am looking for my first single family long term rental deal.

From that, your accountant can then figure out if you can use it actively or passively.

Wondering if it's necessary to have a professional to the accounting work as to not mess it up for tax reasons.

I am not an economist but I also know they "changed the rules" when calculating inflation and used to account for the borrowing rate in that calculation which they no longer use (which would have let us know inflation was around 15%+ recently at the peak and not 9%). 

I used to have an account with them from 2014-2016.  

If you more than one owner/member in a LLC, the LLC will file a 1065 partnership return, but all that does is spit out a K-1 (like a w2 or 1099) showing the profit / loss that you need to report on your 1040 form.If the LLC is single member, then you will basically continue file addition SchE for your long term rentals.