@Jason BocekCongratulations on your successful start in investing.To correctly create a tax return, you will need to learn a few concepts that are specific to REI.

Two things to be careful with though. 1. 

Just like the city, there are pockets of nice areas where people take very good care of their properties and areas that are dangerous and not worth investing in. 

They could just be falling through the cracks because the current owner no longer cares, or is fatigued.As a new landlord you have an opportunity to retrain your tenant. 

The IRS is going to tax that money as income as soon as it is yours, they don't care if you use it to buy another property or to buy Starbucks.

I would word my tenant advertising really carefully.

We're researching the various landlord/tenant laws in different states and will consider this concept as we move forward.

I'm sure there's a more accurate number but I don't care to put that much thought into it.

- central location - Sunny days- No natural disasters or man-made for that matter- great public transportation - revitalization of Downtown and a burgeoning Arts District- terrific Airport- excellent health care options- moreIts a sellers market everywhere.

I would take notes on what you think needs to be done and/or what is found by the appraiser and then work to get quotes from your contractors, your experience, and google before proceeding.Depending if you’re renting or flipping, you’ll likely have different things you will want to take care of.