A break-even duplex in CA has the potential to have high cash flow in just a few years due to the following 1) low prop taxes increase of 2%/yr 2) low turnover due to rent caps 3) 7-10%/yr rent increases 4) better tax shieldingThe real question is whether you’ve underwritten the duplex correctly.

The IRS says to keep records for your business tax deductions indicating:What you boughtWhen you bought itHow much you spentIt doesn't mention requiring paper receipts at all.

When I show my rental to potential buyers I give them 3 years of rental history with the average utility expenses and what I paid for taxes and insurance over those last three years as well. 

Is investing out of state a wise decision for someone only making 50K (before taxes) in an expensive city ? 

Hello everyone. Hope all is well. I just started investing in real estate. I am looking for a CPA and an attorney.  Can Bp members advise me on where I should start and how do I find they are good. The accountant that...

As for functions, for the CPA it would be someone who can provide general REI tax advice as I build my portfolio, and for the lawyer, it would be someone who can assist with the doc side of rental purchases when needed.

6) Are school taxes coming up and going to cost you another chunk soon?

He was very knowledgeable of entities, partnerships, JVs and tax implications.

Tax value on the home is currently 150k.

And as for the house --it's in Quincy--south of Boston --walking distance to public transportation --right in Quincy Center--there is a major development under way.Current Rents $39.3K a year (probably a bit low still)Taxes/Insurance $11K a yearWater Sewer $1200 a yearI've never had a vacancy in 10+ years but accounting for 5% vacancy this gets to NOI of $25.1K per YearAsking Price:  $630K.