I actually use 4 different attorneys based on their skill set and the project in front of me.My 2 cents.Mike

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.

They can vary based on whether you are in the city or the suburbs. 

Based on that estimator, with the current purchase price the property tax would be 3x of what is currently being paid. 

Unless my assessment of your situation is wrong based on what you've provided, you will be required to utilize Schedule E, and cannot classify this under Schedule C. 

I am based out of Vacaville, and I also flip homes in the surrounding area.

Any profit the investment receives is returned based on this percentage of ownership, and the IRA would be responsible for its percentage of any expense associated with the investment, too.

Every state and country are different though which is why it’s important to talk directly to them to figure out their methodology and the anticipated taxes based on your purchase price. 

I connected with a realtor through Bigger Pockets and they helped me navigate the area based on what I was looking for.

Thank you for your service in both the first responder and military realm.