Just a tip: Since you will be filing your first Schedule C and are therefore not an established self-employed business in the eyes of the IRS, they may question your expense deductions. If they do, their concern will be that you are truly in the business of real estate and that it's not just a hobby. So you should be able to document (for example) that you have a real estate license, that you pay fees to your local listing service, that you are affiliated with a local realty office, and so forth. The IRS does not want people to be deducting "business" expenses if they're not really in business.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
