I will also be collecting one months rent for security deposit from tenants.Thanks in advance for your reply.

Thank you all in advance for your advise. 

I am unsure if this changes for commercial, industrial, etc. 

Thanks in advance for your insights!

Please let me know your favorites or of any other great ways of finding this info, thanks in advance!!

My father has been in the lending and banking Industry for 40 years.

It is very industrial but sits on Boston’s waterfront.

What if you come from the mortgage servicing industry, or like a bank.

A CPA who services the real estate industry will likely be familiar with the various strategies within the tax code to help limit your liability.

@Jordan Gilberti This is one of the toughest areas of this industry to accurately capture...especially flippers taxed as ordinary income...and at the end of the year, how many investors really do a deep dive on their properties and confirm actual ROI...not many...this is tedious (and sometimes disappointing work).While flipping houses is not a viable or sustainable industry, it works for generating vacation cash...the most successful flippers aren't flipping houses any more, they are lending or teaching other people how to flip houses...but why?