I plan to consult a tax professional but before wasting anyone's time I would like to ask whether I can technically claim the property as a rental in 2024 even though our first contract started Jan. 1, 2025?

Does Obie insure property in the name of an LLC?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $340,060

Cash invested: $68,012

Long term hold. Home includes 2 lots so potential of building other home next to it...

Your actual property taxes alone on that will be over $10K a year in 2025 and don't forget about that supplement tax headed your way.I would suggest keeping the others and maybe changing to LTR if that will give you consistent cash flows.  

I’m a real estate investor and the owner of a fairly large property management firm here in Texas.

Rental properties are owned by landlords.

Hey Barbara, I have a property manager I can recommend for the LAIC service.

Have your notified your insurance agent/company that you are no longer living in the property and that it's under renovation?

And yes, you are still responsible for wiring earnest money to the closing attorney/title company when you put the property under contract.

Federally, this tax is about 17%, with state rates varying from 4.5% in Kentucky to as high as 14% in California.For perspective, a property owner in California making a $100,000 profit on a home sale would pay over $17,000 in federal taxes and $14,000 in state taxes, totaling $31,000.