I can set up the rent payments, collect them into easy-to-create bank accounts, and then have the system automatically categorize those payments for my Schedule E at the end of the year because Baselane already knows what each of the payments was.

Here is the property:   https://www.zillow.com/homedetails/5-E-Penn-Ave-Wernersville...The net operating income after expenses is $292K, and the proforma net income after expenses is $349K.   

3855 E 71st @Bob Stevens

.”- Rick and Ricky, SFR gurus“We bought this house in Toledo for $31,500 and sold it 10 years later for $34,000”:-) sorry my Toledo friend :)@James Wise and I just did a video about the 3 step process of what it takes to succeed in real estate and how "You", yes "YOU" can also buy the same green sports car that I own hahahahaGuru'd lol

A single family house ,which needed some rehab and is now rented out on a yearly lease.I realy believe in BRRRR strategy and am interested in making a new and similar investment in this area.Outside of real estate, I enjoy furniture restoration, sports hiking and reading .Excited to learn and connect with you all!

Also, this is specifically for when a new rental property is being placed into service and there is no Sched E history

In addition, what are the tax implication of such a structure, would it pass through a personal tax return as schedule E or does it need its own tax return?  

@Derrick E.

@Jason Smith First point of feedback, there’s not a choice between Sch C or Sch E.

Quote from @Victoria E.: I am also following this thread.