I am also a W2 employee but my CPA said I did have to issue a 1099 for work done on my rentals.

Eric Huang if you are a high net worth employee I would think that your highest and best work would be at your day job.

If your not familiar with that term it basically means a condo that is run like a hotel with their own onsite property management.My fiance and I are actually closing on one in a couple of weeks to use as an STR and here is some advice that I can give you:- If the complex allows you to use outside property management I would recommend it because onsite management is generally at least 40% off of your gross revenue- Self management is a great option from what I've read once you have the right process, procedures, people in place.

But expect to pay 20%-25% of your gross monthly income if you hire a property manager.Hope this helps.

Also their schedule E (or other) from their tax return will show Gross income and expenses. 

.$100,000 gross rent $50,000 expenses yields $50,000 net operating income.To get to $150,000 net operating income, rents need to double to $200,000 and expenses need to remain fixed at $50,000.

Joe,Yes, you would do a bank statement program using gross deposits or use a DSCR loans. 

I think realistically you can use 10% of gross rents for utilities (water/sewer, electricity, gas if you have it, and internet), 5k for insurance (unless it's in a flood zone, going through that now on a property we're under contract for and a flood policy costs an additional ~5k). 

It is less than the annual cost, but law states you can’t profit on utility charges, which I don’t, and it’s close enough to neutral for me.It’s not worth my time to figure out RUBS or be a water municipality in addition to a REI, W2 employee, husband/father/family member and give back to community.Speaking strategically, you can choose your “issues” when you buy, and I don’t cross that bridge anymore.

Not for payroll (no employees) or for billing (not getting paid by the hour), so I don't care if it integrates with quickbooks, for example.Just looking to 1) know what I'm spending time on 2) maybe establish prof RE status or as evidence that another venture I'm trying is, in fact, a thing I'm trying to run as a business even though it is currently losing money and hence might be viewed as a hobby.