Rental bought in 2023 and initial return.For assets - Cash, depreciable assets less accum deprn, landFor liabilities - Open credit card balances (Charged rental improvements and expenses on 0% interest credit card)Partnership equity - Cash contributions less net lossMy assets are greater than liabilities + partnership equity

These are independent contractors and should not be employees (very expensive if they are.)Please consult with a licensed CPA and Attorney in your state.Good Investing...

The nevada state/city tax is higher than the MA state tax I pay so I would also need to factor in the income tax to be paid there in my analysis.

Compensation is negotiable, always has been, and either the seller and/or the buyer will be responsible for any agreed-upon expenses per their listing contract or buyer broker contract.Disclosure about compensation is more important than ever, and remains at the discretion of the representative and their clients, hence the need for those agreements which will be a requirement after the settlement.Buyers and sellers must know how their representatives are compensated and by whom before they commit to a working relationship.  

The buyer was to provide proof of insurance paid in full for the first year.

Open up a separate bank account just for your rental activity.At the end of the year, export the date into excel and properly classify each transaction as income or an expense.

If you paid in cash, you only need to wait 6 months to do a cash out refi and get as big of a loan as the appraisal will allow.

Reporting each property separately on Schedule E is generally the correct approach, as it allows you to accurately capture the income and expenses associated with each property.

I’m a truck driver recently just moved out my apartment to cut expenses and start this journey of planing the long game with real estate.

Analyze the finances in detail to understand the potential ROI, cash flow, expenses, financing costs, and tax implications of each property.