It might give you peace of mind as a newer / smaller investor, but in the end you have a problem you want to solve (taxes and being compliant), and if your tax guys owns a duplex will have no impact on his ability to address those issues. 

Hello everyone. Hope all is well. I just started investing in real estate. I am looking for a CPA and an attorney.  Can Bp members advise me on where I should start and how do I find they are good. The accountant that...

As for functions, for the CPA it would be someone who can provide general REI tax advice as I build my portfolio, and for the lawyer, it would be someone who can assist with the doc side of rental purchases when needed.

6) Are school taxes coming up and going to cost you another chunk soon?

He was very knowledgeable of entities, partnerships, JVs and tax implications.

Tax value on the home is currently 150k.

And as for the house --it's in Quincy--south of Boston --walking distance to public transportation --right in Quincy Center--there is a major development under way.Current Rents $39.3K a year (probably a bit low still)Taxes/Insurance $11K a yearWater Sewer $1200 a yearI've never had a vacancy in 10+ years but accounting for 5% vacancy this gets to NOI of $25.1K per YearAsking Price:  $630K.  

Rates are generally 4.75%-6.25% depending on the terms of the note.The use of non-IRA funds to leverage the IRA triggers a tax known as UDFI (see IRS publication 598).  

Typically with a property this size you require the schedule E tax transcripts of the seller from the IRS.

You should be provided with a HUD sheet that breaks down all the expenses / credits on it, before the closing, you will have to pay county and state tax, filing fees, transfer tax, etc.