@Hong Zhu most likely schedule E, although we routinely review returns that are incorrect.

Since my kids are still very young, I don't think I could pay them that much unless they are Bill Gates and really build me a fancy website. 

Also, be careful of large and local companies upselling you on fancy corporate formations and fancy tax planning packages. 

Do you meet with us routinely to be proactive and do planning?

We find it especially helpful when we don't have people moving out as often, to refresh ourselves on what to do when.Here are the things I include:Table of Contents:Resources. 4Property Selection.. 4Purchasing/Evaluation Reminders:4Unit Preparation.. 4Sequencing of Repairs. 4Crime Prevention Through Environmental Design.. 5Remove the Cleaning Vinyl and Plastic Blinds. 5Cleaning Cabinets. 6Hot water heater. 6Smoke detector & carbon monoxide detector. 6Advertising to Applicants. 7Utilities. 7Pet Policy. 7Smoking Policy. 9Occupancy Standards. 9Market Rent. 9Evaluation at Vacancy. 11Reevaluating during tenancy. 11Change to rental rates. 11Advertising. 11Tenant Selection.. 12Rating Applications. 14Tenant Selected. 16Rental Agreement. 16Paperwork & Legwork needed for Move in.. 18Move in.. 19Maintenance During Tenancy. 19Maintenance Needs reported by Tenant. 19Maintenance Performed by Tenant. 19Maintenance Inspection.. 20Things to Keep Maintained. 20Trees, lawn care & Trimming bushes. 20Monthly Processes. 21Collecting Rent. 22Rental Financials. 22Gather Market Rent. 22Document. 22Update Tenant Listing. 22Update Occupancy Tracking. 23Follow-up on Late Rent & Late Utilities. 23Less Frequent Processes. 23Here’s things to do on a routine, but less frequent basis.23Maintenance Inspections. 23Review Landlord/Tenant Law.. 23Issues/Changes During Tenancy. 23Late Rent. 23Unpaid Utilities. 24Mildew, Pests, or Rodents. 24Agreement Violations. 24Neighbor Complaints. 24Change in Tenants. 24Amendment to Rental Agreement. 24Abandonment. 25Terminate Agreement. 25Eviction.. 25Judgment. 26Tenant Turnover. 26Items left behind. 27Turning Prior Tenants in to Collections. 28IRS Guidance. 28Misc.

Major renovations do not include painting, replacing floor coverings, or routine maintenance. 

(FYI, an exit strategy is a fancy way of your plan for the property, like sell, rent, flip, etc)So when I started seeing all these videos from Pace Morby about how I could buy investment property at 2020 interest rates with no credit, no experience, and no money, I got excited!!

You can use several individuals who routinely answer questions on the BP forums.

A lot of people that never really had any interest in real estate per se, watch these YouTube gurus who fancy up their videos with colorful thumbnails in them living the highlife showing the simplicity of it but do not show the hard work, actually talking to people in which I think millennials have a hard time doing, interacting, as well as not getting held up on analysis paralysis.

I am going to go against the grain here and say that I do not factor any of these fancy values anymore (ARV, LTV, DSCR, 1%, 2%, 65%, 70%, etc.).