Isn’t it crazy how you can go to school for 18 years (22 years if you’re a doctor) and you never learn how to efficiently transfer money from your LLC to your personal bank account?

We’re likely going to inherit a partial interest in a piece of land in the next few months. It’s currently shared on the deed with a relative, and we’ll stay co-owners for now. I want to make sure this doesn’t turn into a financial headache. The relative has paid the property taxes for years and previously allowed logging, which only brought in about $10k and covered a few years of taxes—not a great return. The land is currently assessed pretty low because there’s no official road access. I’d need to look into getting an easement, but I don’t know how that might affect the assessed value or trigger a reassessment. I’ve never owned raw land before, so I’m not even sure what questions I should be asking. Are there smart tax strategies, cost-saving moves, or common mistakes I should be aware of? Long term, I’d love to develop it once we can buy out the relative, but for now I just want to manage it wisely. Any insights from those with experience would be really appreciated.

Ryan, currently I’m an STR investor, but looking into potentially entering the commercial space with either self storage or RV park investing. I’m curious your perspective on the tax advantages or disadvantages when compared to STR investing.

I'm happy to have joined this community. STR owner. I love to learn & I'm interested in max tax savings so I can use the funds towards another investmentproperty!

If I were to fix up and furnish my personal residence to rent out as a mid-term rental while away for a few months at a time could I treat these expenses as a business expense? If so, is there a special way to do it and prove it to IRS?