New venture in tiny home lot rentals

[Erin Baumfalk]

Hello all, I am currently under construction placing 10+ tiny home lots on my acreage in the Black Hills of South Dakota.  I am especially  interested in construction financing for current project/expansion, landlording information, best tax strategies and proper legal information to make this venture run smoothly and profitably.  I have enjoyed various podcasts and books from BiggerPockets and I'm eager to learn from those already in the trenches!

[Jonathan Harms]

@Erin Baumfalk Is this the place by Happy Holiday RV community and across from Reptile Gardens?

You asked about tax and legal. I give this advice to about anyone…Get a lawyer before you need one. Building that relationship and trust before a sticky situation arrives has huge value for a real estate professional. It’s worth the couple billable hours it incurs.

On tax strategies, learn your annual income and expenses as quickly as you can. At that point, you’ll be able to pretty accurately forecast some big dollar maintenance/repair/improvements so that you can spend your dollars on that stuff instead of on spending them paying taxes. Seems obvious, but there is some nuance and the simplest method is to know your revenue.