Hello all, I am currently interested in finally pulling the trigger and getting into my first property towards my RE portfolio.

If not, you could take title as an individual and later transfer to an LLC (you might trigger some due on sale and/or transfer tax, so get legal representation on that).If LLC is not possible, I've used Revocable Living Trusts many times. 

And personally I cannot pull the trigger on a turnkey operator.

Check out the 1040 instructions if you want to find the penalties, and what triggers them.

If you don't want opinions that conflict with your level of understanding, maybe think about getting into a different line of work where you won't be so triggered and upset?

its just everything else real estate related I bet 20% of so called investors buy 80% of the props.. the rest are dreamers or afraid to pull the trigger are supreme time wasters. and or the number crunchers who rely on some spread sheet to determine their returns etc etc.

Before I pull the trigger has anyone used any of these companies and if not do you have any suggestions or recommendations on getting some help on making sure this done correctly or can recommend someone that can help me.

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.

It's better to just not have a stove in there -- the triggering offense for most city code violations -- and do a coffee bar, etc.

[3] Will buying the 1st loan trigger a foreclosure by a 2nd note holder, meaning will I need to pay off both 1st and 2nd to assume ownership; would this differ by state such as Texas or California or Florida (???)