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Updated almost 7 years ago,
The "A" in BARRR strategy with existing tenant
Hi BP,
I purchased a property this past year that had an existing tenant that was month-to-month. As part of the purchase agreement, the tenant's lease agreement ended 2 days after our closing date. After the tenant moved out, the property underwent major renovations, and the plan is to put the property back up for rent in the next few weeks.
My question is, as part of the BARRR strategy (buy, advertise, rehab, rent, refinance), since the house was already technically rented out, can I deduct all rehab expenses even if I didn't re-advertise the property as available for rent?