What is the tax basis for the lot and what income tax will you owe?

My primary focus for this investment is on long-term appreciation potential and leveraging rental income to pay down the mortgage, in this case I have no cashflow.Given the current market conditions, I understand that cash flow might not be immediate, but I'm more interested in the potential for appreciation over time and the ability to offset expenses through rental income.

You can use 1 EIN for both since you are DBA under holding co LLC or if he believe you should get a second LLC EIN number for tax purpose. 

Right now you're earning 5.14% interest on your money, and you pay income taxes on every bit of that $1800 per year.Meanwhile, I won't even consider a rental property unless it pays me at least 10% cash-on-cash return and a minimum of $250+ in monthly cash flow.

What do you use for bookkeeping, accounting and filing taxes, as you start up?

Is there a tax strategy for using capital gains off the sale of a home to pay off other homes in your portfolio to improve cashflow?

Official paperwork should be prepared with a real estate lawyer, and financial examination should take into consideration interest revenue, tax consequences, and market circumstances.

Came across the real estate professional status which could help her in convincing her to let go of her w2 (with tax savings).

i have single-member LLC rental generating income on the side operating as STR.

Any income generated from the property, such as rental income, must be deposited into the Solo401K account, and all expenses associated with the property, such as property taxes and repairs, must be paid from the Solo401K funds.