Have some more complex questions was hoping to get some help with:1.

We just converted our first income property from an Airbnb to a long term furnished rental. I want to make sure I’m keeping up with appropriate record keeping but with only one property, I’m not sure how to format a c...

Here's the deal,I know you have to trust people, but some of the people I've met have been very questionable.

@Yi Chu,Another important factor you need to understand is that when an IRA is invested in leveraged real estate (most MF deals are), the portion of the income derived from the leveraged portion of the property will be subject to Unrelated Business Income Tax (or UBIT), which can be offset by using depreciation and other deductions.

With a subto property that you want to Airbnb? When switching over insurance,do I provide the lender with a STR/Landlord policy or do I purchase regular home insurance to send to lender and STR/ Landlord policy for my...

We should have a great group there discussing how to obtain Real Estate Professional Status by an accountant! 

Good question but, possible pending lawsuit aside (I am an attorney), what do we do now to get this permit?

Happy to go into more detail with you on how we do this, so feel free to reach out with any questions.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

I’ve read a couple of intro real estate books, listened to multiple of the BP podcasts, so was exploring the idea of the license as well