Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hello Fellow Investors,
I have an investment property in Wheeling, IL and I'm interested in performing a Cash-Out Refi. Do we have trusted advisors, brokers or community bankers within this platform who would like to...

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

My lease requires professional carpet cleaning, which would cost more than $500 for a home of that size.Yes, it's reasonable to reduce the cost because she was such a long-term tenant.

We are eager to connect with interested parties and explore how we can turn this situation into a win for all involved.Feel free to reach out if you have any leads or would like to discuss further.

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

Exploring alternative options, I inquired about a property that was listed for rent.

Hello everyone,I just closed on a house and am exploring the possibility of turning it into a mid-term rental.

One key takeaway for future projects is the value of hiring professional painters.

It's different market now and I am slowly getting back to explore to see if we can still cashflow in the new price.