What income do you show on your IRS returns as net number?

Both my husband and I are W-2 employed with a combined income of $185KWe are not planning to flip the home.

You are paying 8% interest on all that money that is not being invested which means you are paying 8% with no income on it coming in the door.

While the potential rental income of 4K is noteworthy, it's essential to consider various factors.The local real estate market conditions, property management costs, and potential maintenance expenses should be factored in.Additionally, evaluating investment alternatives like the stock market is prudent.Renting out a property can offer long-term benefits, but careful financial analysis is crucial to determine if it aligns with your overall investment strategy and goals.

Accounting Simplicity: Creating a specific bank account for each LLC can streamline accounting processes, making it easier to track income and expenses for each property.

Some states have zero state income tax. 

I am not excited to have to put a lot of money into the property, but my ultimate goal is to continue to build wealth and passive income through real estate.

The height of each unit is about 8ft I believe.let me look up the sqft I believe it's a standard sized lot for chicago so about 3000 sqft Neighborhood is starting to see some nicer units rents are all higher but it's leans more low income I have a contact that is going to ask the alderman if I could build a separate unit and have the original as an adu architect suggested extending it as they believe it would be easier to get approval than a separate home

Plus, if you purchase with an entity in a DSCR loan, it won’t impact their Debt-to-income or their personal credit leaving it available for their own personal homes. 

It was outright rejected and then a week later the sellers countered with $1.35MM and 6.5% seller financing.2023 rental income was about $90,000 but for 2024 summer only 4 weeks are currently booked for $25,000.