Any recommendations on the most efficient way to track your time when classified as a real estate professional? My accountant wants me to start doing this in the event of an audit being I’m starting larger projects an...

Perform cost seg and apply 100% bonus depreciation to create significant 1st year loss.2) Perform (250+ hrs) hands-ons renovation/remodel work on other currently owned single family rentals in order to "finish" qualifying for REP status in same tax year.

Your realistic monthly rent for a studio apartment is likely $800-1,200 depending on size, finishes, and separate entrance quality—research actual comps on Zillow, Apartments.com, and Facebook Marketplace for Edgewater studios specifically, not just what you hope to get.

By searching for and discovering active Facebook pages, Instagram feeds, and Twitter feeds, you’ll connect with active investors and real estate agents that you never would have known otherwise.Run Facebook Ads and Promoted PostsFacebook is one of the most powerful websites in the world.

There are several very good Land Flipping/Investing Facebook Groups.

As I was setting my profile up, I was confounded as to why my Facebook link kept coming up "broken."

Here’s how I’d think about it:Relative Homestead route:You get the tax perks: homestead status usually means lower property taxes, plus you can still deduct mortgage interest.It’s simpler paperwork-wise — no leases, no rental registration, no landlord compliance hoops.Friends kicking in “help with expenses” is more like cost-sharing than formal rental income.Official Rental route:You’d be treating it as a true investment property.

.), you're often limited to $25,000 of passive losses per year—and that phases out completely if your modified adjusted gross income (MAGI) exceeds $150,000.Real Estate Professional Status (REPS) or the STR Loophole: To use rental losses to offset W-2 or other active income, you must either:Qualify as a Real Estate Professional (750+ hours, primarily in real estate) and materially participate in the property.Or, if it's a short-term rental (average stay under 7 days), materially participate (100+ hours and more than anyone else) to convert it from passive to non-passive—even without REPS.Standard deduction vs. itemizing: You mentioned your CPA said deductions didn’t help due to the standard deduction.

Claiming real estate professional status will turn passive losses into active losses for those losses in the year that you claim real estate professional status.However, it will not convert prior passive losses to active.Best of luck

The positive reviews you do see are the direct result of Jason coercing students with continued access to him and his private facebook group by insisting you leave him positive reviews … before you actually see what you’ve paid for..Walk away.