Is it better to get an LLC when I become a land lord to get some tax benefits?

Couple other things to consider, property / school taxes are high, and tenants have lots of rights.

The borrower gets the benefit of having access to capital fast and the lender gets the benefit of charging a higher interest rate and not having to pay taxes on the profit.

Have you passed the tax assessment yet, or is this your first year of owning it?

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

Did you have taxable income that could’ve been reduced utilizing tax strategies?

If it wasn’t the insurance it would have been the property taxes.

Last year my best deal came from calling the tax delinquent list.

@Dalton Foote I have had tremendous success using direct mail and mailing the owner of record where the tax bills get mailed to.Generally, property management companies don’t pay the real estate taxes so this gets me right to the owner.Targeting wise, I would just do a zip code filtered by unit count using a service like listsource.  

With the purchase, the rehab, the closing costs and the holding costs (hard money, taxes, insurance, utilities) our all in is around $200,000, but we have created $40,000 in equity.