rental property questions
As someone who intends to own at least 1 rental house, I appreciate momto6's thread and all the advice there.
The house in question is near us and we plan to manage it, with the exception of some help finding and vetting the tenant.
I have also considered buying a rental house in my hometown. My best childhood friend has grown into a very wise and conscientious woman. She is also a realtor and owns rental houses herself. I know I could trust her to manage it well for me. The benefit to me of having a property there would be (I hope) a deductible trip to visit the property once a year. Would the IRS consider this a legitimate expense against the property? I won't take y'all's advice as the last word here, but this is a great place to get started!
Someone mentioned forming a corporation to own each house. Is this to limit liability? Are there tax advantages to this, as opposed to owning them in your own name?