Current Landlord for my family's rental home trying to maximize profit, need guidance
Hello new to the forums here, first off I'm loving the site and plan to use it to it's full potential.I have alot of questions but I figured I'd start out with something that is relevant to my current situation. I currently manage my Father's rental home because he is unable to. I will eventually inherit this property but that wont be hopefully for a long time. I have a ton of property management experience with Student Housing so finding a tenant and screening them along with getting the property ready wasn't an issue. The issue I have now is calculating my true profits after taxes. I'm pretty clueless as to what to do after I collect rent lol. My tenants pay $1100.00 a month and the property tax on our property is $1800.00 for the year. The home is payed off so there is no mortgage payments. I have my separate bank account and all of that but I am clueless on what taxes will have to be paid and what money I can actually spend at the end of the month from the income. After deducting the property tax from the monthly rent ($1100.00 - $150.00 = $950.00) what else is there to deduct? I am completely clueless. Should I just save all the income and pay an accountant to do this for me at the end of the year? I also plan on investing in my own property before I graduate College and will be looking for guidance on that as well. Any help is greatly appreciated!