I finally finished a book I highly recommend -- "Real Estate Advantages." I wrote a brief overview of this book a few weeks ago after I read the first few chapters. Here is the follow up.
Penned by Garrett Sutton, an attorney, and Sharon Lechter, a certified public accountant, the book does a fantastic job pointing out a number of largely "unknown" benefits of real estate investing. Such as how investors qualifying as "real estate professionals" (no real estate license needed) -- depending on the number of hours they work per year on such activities -- can take virtually unlimited tax deductions from investment properties. Topics include "Benefits of Leverage," "Capital Gain vs. Cash Flow," "Creating Your Real Estate Plan," "Make Real Estate Your Business," "Setting Up Your Books," "Creating Your Team of Advisors," "Using Pre-Tax Dollars To Buy Real Estate," "Landlord Liability," "How Not to Hold Real Estate," "Asset Protection Lessons," and much, much more. But more than just a bunch of book learning, there are real-life stories. The authors provide a link to a website where you can download an entertaining audio file at no charge. On this file they describe their "real estate bloopers." Some funny, some eye-opening -- all educational. Their stories provide a real-life look at parts of the business that provided valuable lessons.
As I noted at the beginning of this post, I highly, HIGHLY recommend "Real Estate Advantages." It is far more insightful than any real estate-related "Dummies Guides" floating around at bookstores and online.