Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

It was within a 4 hour drive of my house and I was able to visit it personally How did you find this deal and how did you negotiate it?

For local connections I’d recommend checking out the RI Real Estate Investors Group.They meet once a month in person for members and with another virtual meeting each month open to non-members too.I’ve been a member since 2003 and generally found it worthwhile.

About collecting rent through Zelle, though, there are a few key reasons why it might not be the best fit for you as a landlord or property management firm, especially in the long run:Zelle is Designed for Personal Use: Its features are great for sending money to friends and family, but it lacks the business functionalities that landlords need, like automatic rent tracking and late fees.No Rent-Specific Features: You'll miss out on handy features tailored for landlords, such as payment reminders, lease management, and maintenance requests.Transaction Limits and Dispute Resolution: Zelle has sending limits that could interfere with rent payments, and it doesn't offer the same level of protection and dispute resolution you'd get with services designed for rental transactions.Given these limitations, while Zelle might work for now, as you grow and manage more properties, you'll likely need a more robust solution that's designed with landlords in mind.

I only comment on things that I have personal first-hand experiences, and I hope others would do the same.

(Other than the fact you have to reinvest all cash received obviously.)You also know that a personal residence can’t be 1031’d unless it was also a rental before sale, so the $250k exclusion wouldn’t apply unless it was both a primary and a rental.

I, myself, when looking at a deal, don't care to ever see it in person unless I know the numbers of what's possible.

As @Clayton Silva said, you can only do FHA in personal name.

Close relatives buying rental property together but one person (myself) will be the operator with down payment help from family members.

We've both spent 100+ hours through various means over the past year - are we able to run a cost segregation study that would benefit both of us from a tax write-off perspective or only the person who spent the most time?