I’m now focused on expanding my portfolio, especially through multifamily conversions and exploring commercial real estate deals.

A good sit-down conversation with the tax professional should shed some light on the topic and help you determine the next steps.

@Gabriel Pietryka If I were you I would find a developer that has already completed an office to condo conversion, and form a partnership.

I do not have any affiliation with others locally or anything either to discuss, willing and open to knowledge and conversations!

., put all your best properties in 1 LLC and worst ones in another, or conversely, only put 1 good property in each LLC with 1 bad property). 

We do have a servicer.I finally had a conversation with my JV and said just foreclose since the borrower would not return calls, emails, any form of contact.Borrower did response when a DIL was presented (oddly enough) and agreed to a DIL but has yet to sign the papers.

With your next brokerage, make sure you start this process with the very first conversation...record every communication and save every email / text from day one. 4.

After a good stretch in real estate, I’ve found that the best deals often come from great conversations.

Now we have to submit the plans and apply for a permit and have an inspector come out to review the conversion from 30+ years ago

When you convert to a rental, the basis for depreciation becomes the lesser of the fair market value or adjusted basis on the date of conversion.