To precisely compute deductions and guarantee conformity with IRS regulations, it is essential to maintain thorough records of rental income and expenditures.

I never had any of my own funds tied up in the house.You should make sure to ask an accountant if that rule changed with the recent tax changes in the United States.

My NET operating income (what actually matters) was 60k less than the year prior. 

The rehab took a lot longer than what I wanted, and there were a few things that we hadn't accounted for, but we officially finished in February this year. 

@Farris Roach III we definitely can, and also if you dont mind me asking how did you become an account manager for a bank?

For the past year I have been looking for a place to buy as an income/airbnb to buy in Mexico and have inquired about Playa del Carmen and Tulum and keep coming back to Tulum as it seems like it has the potential for growth with airport coming and simply more infrastructure.

I'm      particularly interested in exploring the BRRRR strategy, despite the initially lower monthly cash flow.Long-Term Goal:- The ultimate objective is to achieve a monthly income of $15K+ through real estate investing within the next 10~15 years.I greatly appreciate any guidance, tips, or perspectives you can share based on your experience.

You want the tenants to be accountable to a person, not an LLC.

I have taken the wholesale and passive income course and started in March 2021.

Account Closed Thanks!