Also, it will also apportion the profit/losses via the K-1 distributed to each of you come tax time.Good luck.

If a property makes 12k a month, insurance and taxes are 2k, then you would have 10k left.

My CPA had a letter in my tax prep documents that says that those with W-2 income can't deduct business mileage anymore.This is the first I had heard of this.

Reno is a booming city with tons of tax incentives being offered to businesses and of course the tax free status offer to owner-occupants.

Taxes are never the right reason to make good financial decisions.2.  

-319,000 listed -40,000 rehab -450,000 to 470,000 ARV-2,500 rent - 4525 tax- above 800 credit score 

I am self-filing my taxes through TurboTax (extension in Texas due to ice storm) yet I can't seem to locate where or how I would apply the cost segregation numbers to maximize the tax advantages.  

Don't forget the other expenses of being a homeowner over renting: property taxes, insurance, water/sewer, repairs/maintenance.

Thanks If dad wants to take it out, it would be taxed. you can convert it to Roth but it does not make sense as you will pay taxes on the conversion. 

And CA can only raise taxes on people so much to make up for all that lost tax revenue from those fleeing businesses before they all move.