i BRRRR locally and am having a hard time.you don't want this answer, but the best down payment source is cash, and then holding the property for 50 years and being prepared to not net anything for 5-10 years as you stabilize it.if i am missing something, let me know.

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.

With two years left until military retirement, prepare for retirement and investing by building cash reserves, developing multiple income streams, and growing education.Good luck!

Any advice or pitfalls that I should prepare for or protect myself from?

HVAC could last another year or 5 but on any property you need to be prepared for larger expenses to come up during ownership.

Most municipalities have a free help line to prepare oneself for civil court. 

Just make sure you’re financially prepared for the loss and have a buffer for unexpected costs.

The more prepared you are, the better responses you will get.

But don’t let anyone discourage you during the process—stay focused on your goals.Loan Summary Shock: Be prepared for a big number on the loan summary from your lender.

At our parent company KDA inc. you may inquire about tax preparation services.