<prompt> Human: Im 27, car paid off, 1 mortgage Currently have a job where I make 42k a year. I have recently started up a business that is very successful and is doing about 20-30k a month. I am managing both my current job and online business and dont see a reason to quit my day job as its easy and I can manage my online business from there. My monthly take home I would say is 20k from both but can reach up to 30k at my best. I just purchased a condo for 77k with putting 5 down but I will not be living in it. This is purely a rental property that will bring me in 900 a month. 550 will go to pay the mortgage and the remaining 350 will go into an account to manage repairs safety net for anything that will break in the property. I am wondering what I should do about my new additional income as far as taxes go. Ive already hiring a cpa but have yet to meet up and go over everything. I would like to know what would be some tips as to handing the new income and things I should prepare for. Also, I will not let my lifestyle inflate over this. I have not gone out and blown any of it. Im acting like it does not exist. Because I am still living at home I would like a house for myself. My condo is my investment property and I will not move into it. What am I looking at to get approved again for another mortgage in the next 6-12 months as far as requirements go? Credit score is 720 and my mortgage on my rental closed this week. I also have about 80k in cash right now which can be put down for the new house. Edit: the new home I would like would be around 200-300kEdit 2: the reason I want a second loan is because I will be using the available cash for real estate investing which is cash only.  <response>: I am wondering what I should do about my new additional income as far as taxes go.You have to pay taxes on this money quarterly. Failure to do so could result in a penalty. 