Happy to help anyway we canCheers,PatTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

Because your x-ray vision missed the broken sewer line, broken hvac, you thought those hardwood floors under the carpet were better than they really are, etc.

(Sorry all the tax professionals that responded, I know you are better at this than your average consumer)Is there a way to ballpark how much bonus depreciation I may even be able to use as a tax loss to offset income?

. - If you don’t get significant movement within the next few weeks, preparing for a rental strategy might be the safest way to avoid holding onto the property through winter at a loss.

After the dust settles, and that includes business overhead expenses, chances are you might even have a loss. 

- Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

Under this rule, if your average stay is seven days or less and you materially participate in managing the property, you can treat it as non-passive income and potentially use tax losses (like depreciation) to offset other income.

Is there even any benefit to that if all the activity is line 2 rental re income/loss on the K-1?

Jasper / Pat AboukhaledTurning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

@Adolphus Fletcher For multifamily investing, most real estate investors typically use an LLC for several reasons:Liability Protection: LLCs protect your personal assets from lawsuits or debts associated with the property.Pass-Through Taxation: Income and losses from an LLC pass through to your personal tax return, avoiding double taxation seen in C-Corps.Flexibility: LLCs allow for flexible management structures and are easier to maintain than corporations.Anonymity: In some states, LLCs can offer a degree of anonymity if you use a registered agent and form the LLC in a state that doesn’t require public disclosure of members, such as Delaware or Wyoming.S-Corps are should be avoided for real estate investing because of various reasons.