All Forum Posts by: Anna Nevarez

Thanks Everyone, for your input! Much appreciated.

@David Orr thanks so much for your detailed reply. This is all well-understood and makes perfect sense. 

@Nicholas Schwab super idea!! Honestly, I think this could work, especially if you are already preparing for the audit in terms of documenting and taking pictures, etc. How could the IRS argue otherwise if you can show proof of your active business engagement? I'd say 'go for it' and keep us posted here! >> even better: create a youtube channel and document your journey! An even better 'evidence' for the IRS. LOL 

Good Luck!!!

I hold two properties in an LLC, one property is currently a STR with less than 7 night rental on average and I provide hotel-like hospitality services and materially participate. I just acquired it and would like to report this property on Schedule C to deduct the loss of first year operations and expenses against my other Sch C business(es) and my husband's W2. The plan is to cease the STR next year and switch to a MTR and thus, I would then report that property on Schedule E.

My other property, which was also recently acquired, is already a MTR, and I would need to report it on Schedule E.

So my question is: can I report one property on SCH E and the other on SCH C even though they are both owned by one LLC? I do my own book-keeping and taxes, so don't have a CPA to consult.

Thanks for any advice!

Hi! I have a new rental and received a tenant application, whereby the tenant puts workers comp settlement to qualify for the income requirement. Do I have to legally accept this or is this actually not considered income? Property is located in Tampa, FL. Thx!

 Thank you!

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 Thank you, Eliott!

I'm working on my first seller financed RE purchase, whereby I will assume the contract from a wholesaler. At which point can I request to see the original purchase contract? Do I need to get an attorney involved to look over the contract? Any pointers greatly appreciated. 

Hi guys!

I currently own two rental properties in Tampa, both are held in my LLC. They were both originally STRs, but this year I converted one of them to MTR. I would now like to take out a DSCR Loan on my MTR property, but I would like to create a new LLC for that. Going forward, I want to keep my STR properties in a separate LLC from my MTR/LTRs. So the question I have, if I form a new LLC, will I qualify for a DSCR Loan, or do I need to be "in business" for a while before I can do that? (I can prove positive cashflow for the past 9 months, plus leases in place thru end of March 2024)