The don't finance evert repossessed property but usually only the ones in the best condition.As far as being a Real Estate Professional for IRS purposes, its hard to do as it requires a minimum of 750 hours a years devoted to real estate. 

Unfortunately, if any of the proceeds touch the seller's hand, the IRS sees it as taking a profit. 

The IRS defines eligibility by the occupancy of the property, how the mortgage is being used, and of course, the amount of the debt being paid.

The IRS does not require you to organize your log by property, activity type, mileage, etc. 

Determine average period of customer use for STR and LTR3.

That way, you avoid penalties, and then you can settle any remaining balance by April 15 when filing your return.And just to add, if you miss an estimated payment, the IRS or FTB may charge a small daily interest penalty.

Using a reliable software (not REPsTracker) to log your hours will help you build a solid record if ever reviewed by the IRS.

With the right structure, you can keep more of your profits instead of handing them to the IRS.

Yes, your wife may be able to qualify for Real Estate Professional Status (REPS) even if you’re the full-time W2 earner, since the IRS allows either spouse to qualify for the household.

., time spent on guest communications, cleaning coordination, repairs, marketing, etc.).Proper documentation not only supports your position in the event of an audit, but it’s also essential for meeting the IRS thresholds for material participation under the STR exception.happy to help.