Hi everyone, I filled my taxes jointly for the first time.Tax guy said I can't write off any repairs/upgrades because my wife and I W2 income is over $150,000.Is this correct?!

Get ready for the property taxes to jump after you make the purchase. 

So the best way to avoid assessments is not buy a condo.

Yes, but you will be subject to UBIT taxes. 

@Ketan Parekh you can find an experienced attorney to add language to your Lease that puts a lot of the requirement to avoid mold on the tenant.

If you pay market rent and your tenant in the other unit does too will both rents cover the loan, insurance, taxes, maintenance? 

If you're new to REI avoid D class properties.

If so, I'm assuming we'd have to then go through the foreclosure process, which is what we want to avoid.

The second would be to spread out taxes instead getting hit all at once from Uncle Sam. 

Don't forget to save up for closing costs, property taxes, insurance, and any potential repairs that may be needed.Start by connecting with nearby lenders or mortgage brokers to evaluate your financial preparedness and investigate loan possibilities.