So far, this is what I know, but I'm looking to fill in the gaps:Form LLC (rule of thumb may be 1 per property or $300K)Transfer dead to LLCCreate a business checking account for itKeep a good divide between personal finances and LLC financesTo get money out of your investment, pay yourself a regular salary.

The seller had cut off 10 acres and built a home (my home now, under separate mortgage), and the 10 acre plot was grandfathered in when the county zoning changed the rule that you had to have at least 20 acres to build a house.So the 150 remaining acres is all one piece, not subdivided in any way.I will get an attorney involved so I do this right.

I'm guessing the electrician's union got the smoke detector rule passed and funded a few campaigns along the way there.

You're trying to cheat and just making life that much harder for those of us who play by the rules.

I know a lot of people come on here seeking advice about rental deals they have and many of them don't hold up to the 50% rule.

The rules set out in the statute must be followed to the letter.

I can't for the life of me figure out the 50% rule if the payment includes PITI.I'm either looking at a profit of $290.00 per month or more if I did this correctly.

Screen what you go after...Quality not Quantity.Not sure if this helps, there are rule of thumbs, tricks of the trade, experience, intuition, etc...

You should also check your HOA rules.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.