Contracting is all about relationships , knowing who to call and when to call them .

Relationships are key -this off-market deal was found through a longtime realtor friend and my last seller financed deal was through a landlord/client I worked with for several years. 

However, California treats rental income as passive regardless of REP status, so these benefits won’t apply at the state level.This post does not create a CPA-Client relationship.

Avoid C-Corps, as they incur double taxation.Use LLCs for rentals and consider an S-Corp election for flips if income justifies the additional complexity.This post does not create a CPA-Client relationship.

While it may seem daunting at first, beginning with a clean slate allows you to establish clear expectations and build a strong landlord-tenant relationship from the outset.

I am looking to gain mentorship and relationships!

However, you should think hard about the relationships and agreements/contracts you have with these partners should things go south, as they very often do for new anybody-anythings.

Balancing salary, distributions, and employer contributions can optimize tax efficiency while keeping you compliant.This post does not create a CPA-Client relationship.

However, be mindful of the Section 461 business loss limitation, which could restrict your ability to deduct excess losses in a given year, depending on how your rentals are reported.This post does not create a CPA-Client relationship.

While not mandatory, a specialized accountant can reduce errors and provide significant tax-saving strategies tailored to your situation.This post does not create a CPA-Client relationship.