So the advantageous 15% long term capital gain rate won't apply.Additionally, you will need to budget for self employment taxes.I agree with finding a solid CPA.

With a $40k salary and no mortgage I expect this won't be much, if anything4) If your employer offers a 401k/403b with a match, invest up to the match amount (free money!).  

I am an agent, but have not started employment yet, will be doing so later this week. 

The trick now is that I'm self employed without a regular full time W2 income.

PS: I'm 25 years old and employed as an engineer and my wife is a stay at home mom.

So if you are self employed and not taking income through a standard path...they scratch their heads.

Personally, if I were to assume ownership of a rental property tomorrow, I would do a criminal background check, employment verification and determine whether or not the potential tenant(s) have ever been evicted.

However, if the employee or representative works for more than one owner or entity, they would then need to be licensed.Attorneys must be licensed to receive a commission or fee except for payment of services on behalf of a client required in the normal course of other legal representation.A person employed and supervised by a licensed real estate broker to conduct property management functions would not be required to be licensed.

I preferred the independent contractor designers vs those that were employed by a company so there's choices/decisions.

Great way to get in front of people relocating to Utah from out of state as well as locals.Putting up flyers in laundrymats, major employers in the area (example Weber State), hospitals. word of mouth/social media - letting everyone in your sphere of influence (family, friends, neighbors) know the place is for rent.