A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Our mentor has helped us find deals up to this point but they won’t be so generous for ever!!

Even with very little cash on hand, you can get creative financing; for example, I did my first flip renovation with a new business Credit card one year with 0.00% APR, paid everything back after the sale, and got points and signup bonuses.

Do you have any insight for me - I really just want to break even; profit would be a bonus.   

If it is a vacation property then anything you take in to help cover expenses is a bonus.

Bonus Tip:  Find a distressed HUD Home (google Hud Home Store) and you can buy a house for just $100 down!

Would I be eligible to take the bonus depreciation on my 2024 taxes?

I also would like to reduce the audit risk due to large bonus depreciation. 

Exterior having new paint is always a bonus(as long as it looks good).

Bonus is I am getting new HVAC, Furnace and hot water tank.