I recommend up and coming small metro areas, college towns or picking an area and searching for or building a really unique property (think A frames, container homes, etc).

That is one of the most active groups that I've seen, also containing a lot of beginning real estate investors (+ the necessary information because of that).

The information contained in this post is not to be relied upon.

It contains more detailed information on investing insights, analytics, and, particularly, investing in Las Vegas.Before proceeding, note that the charts only include properties that fit the following criteria unless stated otherwise.Type: Single-familyConfiguration: 1,000 SF to 3,000 SF, 2+ bedrooms, 2+ baths, 2+ garages, minimum lot size is 3,000 SF, one or two stories.Price range: $320,000 to $475,000Location: All zip codes marked in green below have one or more of our client’s investment properties.Overall Las Vegas Real Estate Market InventoryThe chart below, provided by the MLS, includes all property types and price ranges.The inventory level continued its downward trajectory, significantly lower YoY.Rental Market TrendsThe charts below are only relevant to the property profile that we target.Rentals - Median $/SF by MonthRents started to rise after the holiday season.

Contain the area by sealing it off with plastic sheeting, like a cowboy wrangling a steer!

I personally view it as a liability protection issue and base the decision on my costs to have the LLC versus the equity contained within.

.- Real Estate Rookie - it's designed for people just like you who are getting started and seeking to understand terms, concepts, and processes...it's like a crash course to build knowledge in real estate- Bigger Pockets Podcast - this was their first podcast and it contains invaluable examples of other investors, situations they've encountered, and how they got to where they are today.

Additionally, improvements made after the property was placed in service would be capitalized and depreciated separately, as well.Considering it's only one year that contains the error, an amendment might be the path of least resistance - you want to make sure basis is reported correctly.Let me know if you want to chat further when you start your CPA search :) 

Here's what I do (and mind you, painting an already trashed ghetto house vs the million dollar homes I worked on is a little different, but it all comes down to prep)Grease on walls: Get on Amazon and buy yourself a big container of Purple Power.

I'd like to use an online legal source to set up a living trust containing one asset only: a single family home.