All Forum Posts by: Aaron Zimmerman

In terms of resources, I'd listen to the straight up chicago investor podcast to start for education for all things Chicago. As for building your team, feel free to send me a PM and I can plug you into a couple networking groups. 

There are quite a few CPAs on here that would be great to reach out. I'd scour the forums especially if you're willing to work with someone remote and I'd reach out ASAP as CPAs are booking up quick and likely won't take calls starting soon

@Jonathan Klemm Thanks for the referral. Definitely familiar with all of the above. There is some work you'll need to do for crypto (keeping track of purchases and sales). Feel free to PM me

I would recommend talking with an insurance agent and getting a policy set up for you. You don't want to mess up the insurance. It's well worth the fee.

There a lot of CPAs on here and you may not need someone in your state if you are willing to work remotely!

You will still need to do the bookkeeping yourself unless you want to get charged a lot by your CPA or outsource to a bookkeeper. I'd recommend educating yourself on the deductions you can/cannot write off on your taxes. 

@Colleen Cupp you may find some benefit in getting a CPA to do your taxes. Biggest things are getting basis right (CPA can help) and then making sure you get all available deductions once the STR is placed in service.

If you decide to do it yourself, you just need to make sure depreciation from the form 4562 flows to your Schedule E line 19 “Depreciation”

I'd look through the forums and ask local members of a real estate organization who they use. Hope this helps!

Agreed with Wayne. You can look at square footage or number of bedrooms. That's what I do for all of my clients. Determine what's best and then split up common expenses such as utilities, mortgage interest, taxes, etc. 

If you'd like, feel free to PM me and I'd be happy to share my experience.