2025 Update! I just got a rental, what do I do? Purchasing a rental property is certainly challenging, but operating one to build wealth and find tax efficiency is equally challenging. This is our second book. Our first book, Taxpayer?s Comprehensive Guide to LLCs and S Corps, was first published in 2014 and was well-received by small business owners and tax professionals, so as real estate CPAs we thought a book on rental properties and real estate investments would be equally helpful. Our updated 2025 rental book starts with entity structures which is a commonly overlooked consideration when investors buy rental properties. Next, we move into asset management such as start-up expenses, acquisition, cost segregation, rental safe harbors, repairs versus improvements, accelerated depreciation, partial asset disposition, and 1031 like-kind exchanges including 721 exchanges.