We did as he requested and, since I know people will ask, we made the mistake of not taking any pictures upon moveout.The next week we received a certified letter stating his deductions from our security deposit.

As the title company, we will require either the trust documents themselves, or a trust certificate... in order to identify the current Trustee(s), who may/must sign, and confirm that they are authorized to buy or sell, as the case may be.Further, as the buyer... you don't care who on the seller side receives Notices under the agreement.

We also just launched the remaining of our house on air bnb and received our first booking starting in sept since we are moving out.

Granted, you receive a 50% discount for booking 28 days or more which I did.

When you hold real estate personally, all income you receive from the investment is taxed in the year you receive it, thanks to depreciation deduction you can offset some of that income and minimize your tax liability.

@Josue Godoy This is a loaded question- If you are planning on being very specialized in a single area it would make sense to go one way or another...this is an oversimplification, but the point is to be diverse enough that you can process any type of deal...for example, really focus on an area you like well...like flipping, but learn how to hold properties as well, and whatever else you want to learn...as you grow, you'll be receiving many leads from different sources...and the point of this rationale is that you should have enough tools in your toolbelt to put your deals in a "best use" funnel...then profit on the other side.I'm only adopting this position because you are so young and have so much time in the industry to elect to pursue and specialize in one strategy.The simple answer is related to your goals...assuming you want passive income to replace your W2 means that you will need to buy and hold properties...similarly, if you start flipping properties, you're creating another job for yourself and creating a liability.

We've now, registered our LLC and received our EIN, but looking for assistance with next steps in gaining our first rental property. 

If there are two names on the title of the house, do both of the owners need to live in the house to receive this tax benefit?

What are people's thoughts to this quote I received this morning:90 sq ft shower wall tile removal/install, 60 sq ft floor tile removal/install, new toilet and new vanity total labor $2400. 

That would lessen the blow a bit.Seller financing may also interest you - you can hold a note upon the sale and spread out the CG tax hit by reporting the gain in installments when payments are received.