I want to make sure I’m analyzing these deals the right way.Any guidance on how to identify the right type of property and avoid wasting time on deals that will never pencil out would be really appreciated.Thank you.I've been flipping for 30 years.

Quote from @Ricardo Vergara: Hi, I am here to learn as much as I can to get in to real estate investing, and avoid making unnecessary mistakes along the way.

Any habits or mistakes beginners should avoid in their first few months?

@Mike SmithHey Mike, congrats on paying off that rental and great strategy to avoid taxes on it, and Dave hit on some really good points above.From the 1031 side, the biggest thing (and I think I saw someone else mention it above) is just making sure you’re working with a solid qualified intermediary and that your replacement property (or properties) are identified correctly.

The biggest early mistakes to avoid are underestimating rehab costs and timelines, overpaying on purchase and not building in enough contingency.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

For that reason, some investors choose to secure their next primary residence first before continuing to expand their rental portfolio.From the tax side, rental income is generally reported on Schedule E, which allows depreciation and avoids self-employment tax.

Side note, here is a podcast episode I recently did with BP: Avoid Paying Taxes (Legally) with THIS Rental Tax Loophole

I am trying to avoid a situation where the sale triggers an automatic reassessment/reset before the new entity is recognized by the program.