How do you search for rental properties out-of-state? Should I offer a lease-option contract to my friends? How can I estimate repair and maintenance costs? And can you deep-dive into bookkeeping and taxes for rental real estate?
I tackle these four questions in this episode of Ask Paula – real estate edition.
Saul from Salt Lake City asks:
I’m converting the first floor of my home into a two-bedroom, one-bath apartment. My “hacked duplex” will soon be ready for my first tenant.
Can you deep-dive into the taxes and accounting? How should I keep records of my expenses, and what should I file?