@Derrick WilliamsThe extension form to extend the federal individual income tax return is Form 4868.The thing is that the extension form gives you more time to file but not more time to pay.If there was any tax due, you would have to pay it in with the extension.If you have a state tax return obligation(maybe you invest in another state) you want to see if that state requires a separate extension.If you are in Houston, I would consider reaching out to @Michael Plaks with your tax needs.good luck!

I met with 5....here's some ways you can separate them....1.

note: JADU is basically an apartment within your home that ideally has a kitchenette separate bathroom and separate washer dryer if the washer dryer is not in a convenient location to be shared. 

It works exactly the same way as a traditional IRA:you can contribute money into it every year, up to $6,000 (the limit changes from year to year and depends on your age)the account always belongs to one person, so husband and wife will have separate IRAswhile your IRA money is invested and growing, you pay no taxes on your investmentsif you try to take the IRA money out before you turn 60 (well, 59 1/2 if we want to be exact), you usually pay a 10% penalty, with some exceptionsyour IRA can be self-directed, which allows you to invest in businesses and real estate and not just stocks and mutual fundsEverything above applies to both traditional IRAs or Roth IRAs.

Something I would do is open a separate bank account and credit card for the real estate investment and keep those transactions separate. 

I have some questions regarding LLC's.My basic understanding is that LLC's are good because they can separate your businesses expenses, and they keep your personal assets safe in the event of a lawsuit.

@Tesho AkindeleTo name a fewA) Responsibilities of each partnerB) economic split of each partnerC) How long will the partnership last forD) Party that is responsible for communicating with IRS if there ever is a tax issueE) What happens if one of the partner diesF) etcJust a heads up that a partnership requires a separate tax return filing(partnership return) which is normally due March 15 of every year for calendar year filers. 

You should get a separate bank account ASAP to keep books and records separate and not mix business and personal funds. 

Furnishings are almost always on separate "personal property" sales agreement, often a whole house full of furnishings for $1.

So far, from what one architect/contractor told me, it may require building one unit at a time with separate permits.