Inherited a SFR in Sun City Hilton Head

[Michael Kagan]

Hi All,

I inherited a Single family home in Sun City Hilton Head. It's not big, only about 1290 Sq. Ft. I am planning on repainting and renting it out. The market is supposed to be pretty decent, with this model home getting 1625/month. I did create an LLC as well a separate checking and CC account.

What are some tips for a new rental property owner to consider, especially with expenses and taxes? I just got incorporated on 1.22. I did have the HVAC replace a gas furnace and new AC unit. Since it was before the LLC was incorporated, can I claim went of that on taxes for the business? What about the painting of the house?

Thanks!