Good Morning all, am in the process of selling my coop first per loan officer and will be buying coop (2bedroom) pending sale of unit on contract we signed- my question is when I do my taxes will I be hit with anything ?

@Tanya Maslach,When you take a distribution from an IRA, you are subject to ordinary income tax, plus penalties, if you do it before reaching retirement age. 

Is the Turbo Tax software a reliable option for doing taxes that include real estate investments, out of state, personal?

Hi Corey,First of all, congrats on the success.I do think it is in your best interest to leverage these properties right now, with rates dropping we will see more demand in the market in 2025-2026.You have a few options on something like this.You can do a blanket loan and cash out on the entire portfolio, you'd save a little bit on fees here and there; or you can do individual cash out refinances.I strongly recommend doing them individually if you can.

(about $20K in profits) I've developed and perfected a strategy to manage these tenants (and I'm a Hilton/Marriott hotel General Manager so its not difficult for me)The only thing(s) that are in our way from scaling quickly is;1) a consistent unlimited supply of tenants looking to rent bedrooms, 2) a partnership with a rental management company (we arbitrage 50% of our homes)3) I guess some capital but really only depending on how quickly we decide to scale.MyRoom is the name of the company, (lazzarapm.com) anyone have any thoughts, recommendations, suggestions on how to achieve this, FAST?

You can always ask for those items at any time, but it doesn't mean that you'll get them. 

I'm certain it will take working smart and hard yet I'm patient and determined so it should all work just fine. 

Do you only work in Ontario?

Should of done it far sooner. 

You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software.