A few additional things to consider given the minors as beneficiaries angle.First, any transaction involving property owned by minors typically requires court approval or a properly structured trust.

Getting into a 1900's row home that hasn't been properly rehabbed is a money pit. 

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully.

What is the best way to form the companies (S-corp for management is separate) needed for a global real estate outfit? This includes asset protection, tax advantages, and operational efficiency. I want those of us inv...

Were we going to elect someone to a seat with a huge annual budget who cannot properly manage her finances?  

There is a proper way to do this step and most people won't take the time to learn or somehow think they are immune to it.7) Know your options in the event that the Deed does in fact get called.

I haven’t filed my most recent tax return yet and want to make sure everything is set up correctly from the start - including Schedule E reporting, depreciation strategy, and proper entity timing.I plan to operate this as a real estate business (not just a personal tax return) and will be forming an LLC for my portfolio this year, so I’m looking for someone who can advise on both tax strategy and entity structure as I scale into additional properties.If you have a CPA you personally use and trust for your rental properties, I would really appreciate any referrals.Thank you!

You want to price rental's properly.

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Getting the basics right early is critical—properly establishing your cost basis, allocating between land and building, and correctly splitting personal versus rental expenses.A cost segregation study may or may not make sense in your situation, so it needs to be evaluated specifically rather than assumed.