Car Wash Tax, Rent it or Run it??
Good morning all! I was cold calling last night trying to find another storage facility to buy and came across a owner that has two car wash business that he is thinking of selling. Im a out of town investor and have no experience with car washes. Im very failure with the town and own rentals and a self storage business in the town.
I looking for any and all advice.
Question
1. How is the income taxed? Passive rental or regular income? I did some reading on sales tax but can't find any info on income tax.
2. Should I hire someone to run the business if I buy it or should I keep the real estate and lease out the business? How to structure it?
3. What kind of cap rate is used in comparison to Multi fam or self storage.
Thanks in advance!