QUESTION 1: Can I expense the 2nd apartment? Yes if that is all you use the apt for.
QUESTION 2: What other factors should I be aware of, in terms of filing my taxes? I know this is a super broad and newbie question. I've hired a CPA to complete my 2021 Federal and CA tax returns, since I wanted peace of mind that it would be done correctly my first year. Ask lots and lots of questions to get educated in your situation and read the info I already posted.
QUESTION 3: When should I consider getting accounting software? I'm keeping track of expenses and income on a spreadsheet. It's pretty easy so far. Anything that works is fine ... many just use an excel spreadsheet instead of an actual bookkeeping program.
