However, in addition to this fee, there may be other costs such as title insurance, property transfer taxes and others.

As long as the total income reported on your tax return matches or exceeds the total income reported on your 1099s, and you have documentation supporting the breakdown of income by property, the risk of audit or inquiry may be relatively low.Pros of the approach:Compliance: Helps ensure compliance with IRS reporting requirements by matching the total 1099 income on the tax return.Risk mitigation: Reduces the risk of IRS flags or inquiries related to unreported income.Cons of the approach:Complexity: Requires additional documentation and statements to reconcile the reported income with the 1099s, potentially adding complexity to the tax return.Time and cost: The additional work required to prepare separate statements for each property may result in higher accounting fees.Ultimately, it's essential to weigh the pros and cons and consider the specific circumstances of your situation.

The proposed plan which got approved is to expand it from 1800 sf to 4235 sf, and initially I speculated that this may cost $300-350k to do and budgeted it accordingly.

The sister will rent out the rooms to help and her cost of living will be close to none!

If you have someone in mind to do the setup and trust their design eye then that can work.It will cost more but you just have to keep an eye on the budget.When will the tenant vacate the property so you can begin repairs?

Their PM services truly are great to work with and they never nickel and dime you for every little thing they do.I like Toledo properties because the general maintenance and the cost to clean and fix a unit when there is turnover is relatively minimal as the properties are modestly sized.

In that case, i am capable of covering the 20% down payment and closing cost with the money i saved up.

Cost-Effectiveness: Considering their fees, is it cost-effective to hire a fiduciary financial advisor in the long run?

Emotionally, it sucks to take a hit and not own anything, but I don't want to fall into the sunk cost fallacy, and it would be nice to be out of the landlord game on a house that doesn't cash-flow positive.

Hey Casey, Sounds like you have funding for the initial purchase, however need help with the exit strategy and possibly the rehab costs.