As a multi-family residential property owner, you want to ensure your property is full of happy tenants and that you're making a good profit. 

When you acquire a rental property, the IRS permits you to allocate the property's cost over its useful life, enabling a reduction in your taxable income—a benefit commonly known as the depreciation deduction.

As a contractor in Texas, it's important to be aware of your tax responsibilities. Depending on the nature of your work and the contract terms, you may need to collect sales tax on your charges and properly handle expense reimbursements.