Nobody needs a brake mechanic to do their own brakes, a licensed plumber to fix their own pipes, a licensed hair care professional to cut their own hair, a licensed electrician to replace an outlet.

That is my edge.  

Although their rehabs are reasonable and look nice on the surface, they cut costs where they can, which means things break down often (there goes your ROI).  

See if you can cut them a break on your service fees (or do it on the side for them) in exchange for a lunch or cup of coffee with them occasionally and ask them questions.

Even so, the bottom line on Schedule E will often be zero, because the rental income will often be fully offset by deductible expenses.Step 6: Write off the personal-use percentage of mortgage interest and property taxes as itemized deductions on Schedule A of Form 1040, subject to the new Tax Cuts and Jobs Act of 2017 (TCJA) limits for 2018-2025 (see “TCJA changes affecting vacation-home owners” below).You are allowed to carry over any disallowed allocable indirect expenses to future years when you can deduct them against rental profits (if you ever have any).Controversy regarding how to allocate mortgage interest and property taxes The IRS says you should use only actual days of personal and rental usage to allocate all non-direct vacation-home expenses, including mortgage interest and property taxes.

@Stephen Morton read if you cant wholesale after this then i got nothing for youbasic tldr is 1. find a title/escrow company/attorney2. make a buyers list3. find sellersyou want to have everything set up before you find houses so that everything goes smoothly and you know what criteria your buyers would want. cuts down on a lot of the guesswork

I have a tenant ready to go but I'm having trouble getting clear-cut answers.Thanks in Advance Guys!

If you're looking to get into rentals, maybe a better idea is to start a little smaller home wise and cash-out refinance the big house to buy 1 or 2 smaller homes to cut your teeth on?

There are lots of other things that need to happens before checks are cut.

Since purchasing the house, we have put a little over $2,300 into repairs -- things like plumbing issues, new refrigerator, cutting down tree limbs, ect.