LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.

All commercial loans will now have new covenants if borrowers do not provide timely personal financial statements, personal tax returns, business tax returns, rent rolls (if applicable) timely.Personal financial statements and rent rolls (if applicable) are due within 60 days of the expiration date of the personal financial statement.

Make sure the money you receive from rentals pays for all of your out-of-pocket costs, such as upkeep, insurance, taxes, and mortgage payments.Underestimating the Outlay: Add up all of the costs that come with owning and operating rental properties, such as capital expenditures, repairs, vacancies, and property management fees.

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

You can write off expenses like taxes, insurance, etc.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

I stumbled on some information about short term rental tax benefits as it pertains to lowering W-2 Income. 

I like Tahoe Reno, NV market because of the appreciation growth, low taxes, landlord friendly, and constricted supply. 

Get rid of debt, build a budget, and save.