Establishing a corporate entity, such as an LLC or corporation, under which the property will be vested, is a common prerequisite.

Personal assets/liabilities:Primary Residence: Have less than 20% equity in this, rest is owned by bank at high interest rate close to 7%.

Thanks Linda Weygant have you personally done a cost seg on an SFR/STR before?

The cash came from my own personal savings and my father who invested in this deal with me.

Furnishings, such as the $35,000 you spent on furnishings, would generally be considered personal property rather than real property and would not be included in the cost of the property.In a cost segregation study, the goal is to identify and classify the various components of a property as either real property (land and buildings) or personal property (furnishings, equipment, etc.).

You can get personal references but nobody gives you a bad personal references.

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.

Check us out at https://www.facebook.com/groups/846713759601226It's a great group with a lot of knowledge and a lot of "action takers."

I know a few of mine are Family, Health, and personal growth, but I am curious as to what others are thinking.

The doctor found out that I was going to visit those 10 to speak in person with the borrowers and try to decide on the best course of action.