I am planning to buy my first investment property.

Lesson learned on going into business without exit plans, I guess...For reasons out of scope here, I just filed my 2021 taxes and the IRS hit me with a $30k capital gains bill (not including interest or penalties).

I plan on living in this with roommates for 2 years and going onto the next deal.

I have a W2 job in a high tax bracket, but we are planning on owning Airbnb’s that my wife actively manages along with her working as a real estate agent...Our goal was to have her materially involved so that we could write off potential losses against my W2 income.

At this stage of my life (71) years old and more concerned with estate planning than career advancement, my top priority is asset preservation on an INFLATION ADJUSTED basis.

Another important consideration is whether you plan to manage the rental yourself or hire a property manager to handle tenant issues and maintenance.I recommend starting by answering these questions.

If that doesn't work, you can ask the court to establish a payment plan or garnish their wages. 

Also, because of code issues, the unit can't rent as a larger 2 bdr. on two floors so is still a garage + studio/small 1bdr, so the whole point of a doing a larger rehab was pointless.

I plan to grab a mentor along the way at some point.

Let me know how we could connect to put a game plan together for these locations!