The IRS doesn’t allow both parties to claim the same interest amount, so clear documentation is critical.This post does not create a CPA-Client relationship.

Section 179 deductions may apply to assets directly supporting your business, excluding personal-use components.This post does not create a CPA-Client relationship.

The basic premise is creating an LLC, opening a line of credit, even if small. 

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.

If they work independently, set their schedule, and use their resources, they might qualify as a 1099 contractor, but misclassification risks IRS penalties.Wages for W-2 employees and payments to 1099 contractors are both deductible business expenses, but compliance is key.This post does not create a CPA-Client relationship.

Hey everyone,I’ve been diving into Chapter 1 of The Multifamily Millionaire, Volume II: Create Generational Wealth by Investing in Large Multifamily Real Estate by Brandon Turner and Brian Murray, and I wanted to share insights on one of the most important concepts: Crystal Clear Criteria (CCC).When scaling up to larger multifamily investments, having clear and specific criteria is critical for success.

We even had to do a lease back to them while the carport situation was being finalized.There is definitely some luck involved with every deal, but I think as investors we can create our own luck as well based on knowledge and experience.  

Chris, I can't seem to share a document on here to send you one of mine, but you can copy/paste the following template into a Word Document and create your own.

.- If you decide to have an LLC for each property, creating a Management LLC that all the other LLCs "hire" to run their books, will allow you to only require a bank accont for the Management LLC.2) You may not be able to do a Trust.

When you said  "New Construction" I was assuming, wrongly" that you meant buying a newly constructed home and perhaps thinking you were getting some kind of bargain that created equity.