The houses get treated s inventory until sold, the income will be regular income subject to self employment taxes.

I personally have never transferred a property to myself so I don't know for sure if you would have to pay it (check with your title company), but when you sell a property regularly you have to pay state excise tax on the sale (1.78% of the sale price for my area).

Worst case, it's only a few days.Now, I get that it may be more regular maintenance (changing sheets, cleaning bathrooms, etc.) than a traditional rental.

There are too many variables to consider, and every market is different.Do you regularly visit a specific city outside of San Diego where there are potentially lucrative deals?

Hi guys,About to close on my first rental property, out of-state (TN), cash purchase, through a turnkey companyI've had and will have a very low yearly income (less then $10K), and I've been filing my W2's via 1040EZ doing my own taxes the last few years.From a little bit of research it seems like I won't be able to use the 1040EZ, but will have to change to the regular 1040.I was curious how complicated is it to calculate and fill the rental income, deductions and depreciation for 1 rental property.Willing to spend time to learn how to do it well.How much time would it take to file taxes using a 1040 while having one W2 and one rental property assuming I've spent time learning how to do it.Thanks in advance,Tomer

I work with a wonderful female small business owner in MI who now cleans 4 of our rentals on a regular basis. she and her "girls" are invaluable to our operation.

I can send/receive texts on my PC though which is pretty convenient with a regular size keyboard.

And by the way, I will not sell just because I am tired but I will be executing a carefully planned exit strategy to minimize tax implications based on my situation then.Otherwise, consider regular letters/postcards so at least you finance the post office :-)

The primary Team members are Attornies/Lawyers, real estate Agents/Brokers, CPA's (or accountants you know and trust), formal home Inspectors, Property Managers witth the right experience, General Contracers, and Handymen,Have a tracking system in report format that states all of your expenses and income and review that regularly with a couple of other people you trust and understand your goals.  

I've never had to pay a contractor for an estimate, unless its a specialty (like foundation or structural engineering), however, I also hire contractors on a regular basis to perform work on houses.