Were you to flip homes in your name only, you would not be allowed the two different tax treatments to my knowledge.

I want to put my RE knowledge and connections to work, and I have enough money in my retirement to get started, but I want to do it right.Again, feel free to point me to threads that have already dealt with this or help me learn to use the search tool better if these specific questions have already been answered.Thanks in advance,

I prefer single family/apartment since I'm beginner with little knowledge about REI.

Would love to grab some coffee or a beer and share some knowledge.

After you get them, make the investment in time to understand what is on the reports.

Thanks for the replies.Yes, at this specific point in time a $3000 hit would hurt.

You can't go back in time, but even now that seems like it might be your best bet.Ask around, particularly on this website, and interview a number of managers - then put it on the rental market.Once you've gotten it stabilized you'll be sleeping better and you can look at it again with clear eyes.

Richard look up your local real estate investor association.If you go to work for a flipper to learn the business make sure you are not used and abused.Make sure they have completed a certain volume of deals and that they have the knowledge to give you.What investors do not want is to work with someone with no drive who wastes their time.If they will pay you a decent wage that is at least what you are making now or more,you hit it off from the start,etc. then you are on your way.Eventually you can partner with them on some deals when you save up some more cash and they will show you how to save and supplies and do quality repairs and upgrades in a fast manner.

Since this was apparently done with your knowledge, you are not going to be able to say it's not allowed at this point.It sounds as if you do not have a written agreement with the subtenants.

If you aren't knowledgable in construction make sure you use licensed subs, that are bonded.