Should I sell or rent out my house

[UT_OB1 2,200]

2 hours ago, dlatin said:

Great thread, I think I’ll use this to continue the discussion vs starting a new one. If you’ve been following my PSWPJFUD thread I bought a property a few doors down. It needs a ton of work first then we plan to rent it. Probably long term, there are a couple VRBOs next door. VRBO feels like more work. Based on this thread, an LLC isn’t necessarily. I should work with an agent to find tenants. Do I need to get help with tax prep or is it relatively straight forward?

You have a thread?

As far as taxes go, I’ve got no background, but I am an engineer and good with numbers, and I’ve not found it difficult to do our taxes with just our handful of rentals and w2s. Biggest difficulty is just remembering to keep up with your records as you go.  Especially mileage, as remembering where you went 12 months later can be tough if you didn’t happen to buy something on trip and forgot to log it. 
 

I could see where you might want help by the time you had 8-10+ properties, or if you also had a smaller traditional business.  

[Slacks 6,791]

LLC isn't necessary to manage, but a good CPA damn sure helps at tax time.

[Zepol87 9,163]

On 2/25/2021 at 6:03 PM, TexasGary said:

I am going to be moving in with a family member and need to either sell or rent out my house.  My initial instinct says to try the rental game and hire a property management company.  I really would like any advice that any of you fine people have to offer.  The house is in Plano just a few miles from the 121 / Tollway corridor.  This would be my first rental property.  Should I transfer the house to a real estate trust?

I'm drunk and don't know shit.  I want to but a house. Help me out 

[dlatin 328]

You have a thread?
As far as taxes go, I’ve got no background, but I am an engineer and good with numbers, and I’ve not found it difficult to do our taxes with just our handful of rentals and w2s. Biggest difficulty is just remembering to keep up with your records as you go.  Especially mileage, as remembering where you went 12 months later can be tough if you didn’t happen to buy something on trip and forgot to log it. 
 
I could see where you might want help by the time you had 8-10+ properties, or if you also had a smaller traditional business.  

I’m in Finance and think I can do it myself. At the same time, with all that I have going on, having a professional handle it may be worth it come tax time.