Businesses have set hours and a specific service they provide and though are almost always gracious with their clients, the relationships also have a professional distance and clear roles.

This all comes from the assumption that the coach is more like your professor and not a business partner taking a semi-active role in your deals.

Kislay and Michael M. in particular, I really appreciate your professionalism and kindness in weighing in.It's been especially helpful to understand the role of depreciation in my tax situation, which I had not fully appreciated until now (pun not originally intended 😛).

The role of this property in my growing portfolio is more of cashflow, debt paydown, and just to get experience.

Maybe you could be more in a managerial or teacher role to others that need guidance in that specific work you have done in the past.

If you are interested in an area, look into renting a LTR from a responsible landlord and, with their permission and clearly defined (in writing) roles and responisbilities, then sub-lease their unfurnished rental as an MTR once you furnish it and get it ready.

That's why I want to leave the marketing, underwriting, servicing and potential default negotiations to the professionals.My role is to evaluate loans based on my needs and risk-tolerance.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

the QI for the 1031 is an additional member of your team whose only role is the 1031 exchange.

In order to become ready for your first property, keep learning, assemble a group of real estate experts, investigate possible properties in-depth, start small, and exercise patience and discipline.Good luck!