CPA Recommendations - Dallas, Texas

[Adam Lindberg]

Hello,

I just purchased my first property in Dallas, Texas. It is a single-family home that I will be turning from a 3 to a 4-bedroom house that I'm going to be house hacking from Month 1. I was originally planning to set up an LLC for this property in order to rent it out, but was uncertain of the ability to transfer ownership, given I am a first-time homebuyer and only put 5% down. I've read through https://www.biggerpockets.com/... and looking for help.

I'm looking to consult with a CPA about the section 121 exclusion of the tax code, and understand the tax implications of collecting rent, expensing property improvements, depreciating value, etc.

Any recommendations?

AL