Did you track your expenses closely for the renovation?

Am I on track here with BRRRR? 

The one-year goal I set for myself at the beginning of 2022 was 5 doors, and I thought that was audacious.The time disparity between the start of my education and my first deal (2.5 years) compared to the time between my first and second deals (5 months) tracks with what I’ve heard from many other investors.

We have tracked and logged more than 500 hours and materially participated more hours on the property than the rest of our team (cleaner, handymen, etc.) and would like to try and exercise the "STR Loophole" to offset W2 income for 2022.

While park data from the NPS is not yet available for 2022- I've pasted the # of visits to GSMNP below for those keeping track. 

The more you can track & document your income and expenses, the easier your taxes will be when the time comes.

I just look at the bright side and various lessons learned: 1) make sure your local person looks for unfinished portions of the house and doesn't leave those out, 2) if you buy a vacant house, make sure the water is turned off, especially in areas that get very cold, since the pipes can freeze and burst, and 3) at least it's another one for the resume/track record of deals closed!

I believe I'm still on track to acquire my first property by the End of March.

Many banks will not give great loan terms to new developers who have no track record unless you partner with a builder.

Hi all, I could use some advice on how best to track my income/expenses from RE investments in a way that will facilitate tax return prep by my CPA, but which is not unduly time-consuming or tedious.