New to all of this and I am looking in to buying a duplex in the Portland area as my first rental property.

Did the property that had new cabinets sell for 25K more or no?

There are 7 material participation tests and these are the 3 most common for real estate investors AND you need to meet one of them: Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doAnother way to offset non-passive income (e.g.

Hi @Manthan Patel, congrats on taking the right steps towards getting your first property.

Thirdstone Properties.

If this is an STR, DSCR lenders will require that you have booked the property on an STR site for 12 months or have 12 months of prior experience with a different property.

You put a down payment on the property.

I already have an eye on a property.

By qualifying as a real estate professional (REPS), you’d absolutely be able to offset your wife’s W-2 income with passive losses from your multifamily activities.

My CPA put that as loss in my tax return and carried it over.Next year they sold the property for a gain of 32K.