Re: "accidental landlords"

I didn't reply because I'm a real estate investor and not a
full-time tax preparer (every few years I work at H&R Block
for my own education).

I buy distressed properties and many of them were owned by
"accidental landlords".  My advise to those who find
themselves in such a situation: Get a Property Manager --
QUICK! -- even if the rental property is next door.  The
reasons are numerous, but mostly revolving around liability
situations in which beginning landlords quickly find
themselves.  Examples: tenant's dogs, unlocked pool areas,
security issues, roommate disputes, neighbor disputes, and
on and on and ON.

I realize your book will focus on the tax issues.  But if a
good PM is employed, much of the accounting work is done.
The PM will send a year-end summary P&L and a 1099.

Therefore, a primary theme for your book should be locating
and working with a good PM.

BTW, I myself started as an "accidental landlord" due to a
job change from CA to LA.

Good luck on your book.  If I can help further you may email
me if you feel it's OT for this NG.

--

Rick Hess
New Orleans
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