.- Explore strategies like 1031 exchanges to defer capital gains taxes.Deductions and Expenses- Know eligible deductions: mortgage interest, property taxes, insurance, maintenance, and management fees.- Maintain detailed records of all real estate-related expenses.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.

The fix and flip strategy sounds great since you can refinance into a conventional mortgage with some equity, and not worry about making it your primary residence, or staying in it a year. 

These events frequently draw seasoned investors who could be open to coaching novices.Online Communities and Forums: Check out BiggerPockets and other online communities to network with Texas-based real estate investors.

You say you paid $500 and took over the mortgage.

Is it a live mentorship or all online? 

Owning a Land and paying mortgage, insurance and taxes are passive loss for me. 

Assuming $2,150 for rent$933 (mortgage, from zillow & his statement) + $96 (Home owners insurance) + $592 (property taxes) + $86 (repairs, 5%) + $129 (vacancy, 6%) + $150 (Capex, 7%) + $172 (property management, 8%) + $71 (HOA) = $2,229.  

Maybe I can do some kind of deal where I take over their mortgage so I can keep it as a rental. 

And that happened because in AU in those days most folks from AU did not realize how much FREE information is available in the US on line about real estate .. this information did not or does not Exist in AU so they were easy marks.

Hi Hillary,The easiest would be to go to your bank that originated your first mortgage (assuming you have a loan on your property).