It also sounds as though you did not do an LLC and choose to be treated as a Sub S corp, so the income will also come to you as Earned Income, and will also be subject to Self Employment Tax (although you might have already paid the maximum).I applaud your decision to set up some kind of system before you do anything like this again.  

Your lawyer will be able to assist you in this decision.

Google (non) compensatory decision making processes.

You may also choose to deduct an allowance for depreciation - whether you do or do not is a decision based upon your current and {anticipated} future tax situation.That which remains is your net income from the taxman's point of view.

I think this has great long-term potential with a very painful short-term but being somewhat new to this would love to hear feedback on this good or bad as I want to make sure we make the right decisions with this one.  

Listen to their podcasts in the car and you'll learn a TON.Also, I'd be happy to point you in the right direction for things to think about and consider as you make a decision regarding your next steps.Please check out my profile and reach out if you think I might be able to help you.

., and I made my decision from the intel I had.A lot of people buy remotely and don't even look at properties in person.

There are also decisions to be made in this arena also.You can use things like:birdogssignsdoor knockingrei clubs networkingBUT, if you have some money to spend nothing beats direct mail.  

Very simplistic, I know, but you need simple when you are trying to don't have much experience with this stuff and you need to make a quick decision.  

Listen to their podcasts in the car and you'll learn a TON.Also, I'd be happy to point you in the right direction for things to think about and consider as you make a decision regarding your next steps.Please check out my profile and reach out if you think I might be able to help you.