All Forum Posts by: Victor N.

I think you should concentrate your efforts on finding a new place to live. You can not live rent free forever and an eviction will only make it very hard to find places to live in the future. Your lease is up. Obviously, you won't be able to live there indefinitely especially since you aren't paying rent. Yes, the self help eviction is not lawful but what do you think is the remedy? You might a slight reduction in rent. I am not familiar with California laws but big picture you need to move and get on with the rest of your life.

4mm is very thin. Most recently I paid $2.75 per square foot for 12mm thick with attached foam underlayment pad at a damaged freight store. I think Lowes and Home Depot had higher but comparably priced LVP of similar quality. I don't think you will be satisfied with 4mm for a rental.

Under the Tax Cuts and Jobs Act after 2017, the only assets eligible for like kind treatment under 1031 are interests in real estate

I agree with @Ashish Acharya and would add that the 2018 LLC returns are now due by March 15, not April 15

When you have it fixed, you could have a sturdy steel post or two put in the ground next to it to protect it and mark it

I would be very concerned about lending to a landlord who can't find funding that costs less than 20%

The best answer to your question depends on your entire tax picture. Therefore, sit down with a competent tax pro asap. Most likely you will receive the most benefit from selling and deducting the loss but there may be limits to the immediate deductibility of the loss. A charitable donation deduction will be limited to 50% of your adjusted gross income or less and the relative tax benefit will also be affected by the amounts of other itemized deductions you claim.

@Derek Wissner @Ashish Acharya Thanks @Dave Foster I agree with your point. I suppose it is analogous to the ownership interest in an installment contract for deed being considered a sufficient interest to be real estate. I didn't catch the double close earlier so I think this one would clearly be real estate for purposes of like kind exchanges under the TCJA. However, as you pointed out it is also clearly an intent to resell not eligible for a 1031. Derek, don't forget the gain will be taxed at ordinary income tax rates and self employment tax.

I generally agree that a tenant in a hurry to move is a red flag. However, I also was in his exact situation years ago and was a model tenant. He may welcome MTM because his living situation is in flux. Check him out like normal and if he meets your criteria you just found a tenant at a slow time of year to fill vacancies. I would consider a higher rent to mitigate the higher turnover risk. BTW, I lived in the rental for 6 months before moving back into my own home when the ex didn't keep it. I was in the motel because the ex filed the divorce out of the blue. Could be similar for him.

@Dave Foster Is there an additional issue trying to 1031 a contract assignment now that the TCJA limits like kind exchanges to real estate only?