REPS stands for Real Estate Professional Status—a tax designation that lets real estate investors write off rental losses (like depreciation and expenses) against other income, potentially saving a lot on taxes.

Here's an article about this topic by one of our speakers, @Natalie Kolodij: https://www.biggerpockets.com/blog/write-off-bpcon-travel-as...We hope to see you in Cancun! 

I have seen his writings and reviewed the Facebook group.

My point in bringing up the fact he continued paying is because he said to me in response to my letter stating he owes the difference in damages above the security deposit amount that he has nothing to do with her anymore, except it wasn't true because he still would write checks directly to me to cover her rent.2.

But, when it comes time to put the deal together and pull the trigger: work with a seasoned real estate attorney with experience in structuring seller carry deals and writing thorough docs that cover your interests, especially with the "what ifs?"

Give your interest statement to CPA when filing taxes for more write off. 

DC is also one of the most "renter friendly" places in the country, so really make sure you do your homework and consult an attorney when writing up your lease to make sure that your property and your lease is in compliance with rental law. 

Example using fictional figures:We buy a 10 acre lot, taxes are $1,000We subdivide it into 10 x 1 acre lotsNo properties are built at this stage, just landDoes the tax remain at $1,000???

If you won’t pay any closing or agent fees, I’d suggest stating that up front so everyone knows what to expect before showing or writing an offer.

Thank you so much for sharing your write up.