Ensuring compatibility among tenants, setting clear rules, and having a solid management plan can help mitigate conflicts and turnover.

But keep in mind room rental is a lot more management intensive so that is something you should budget for if you plan to hire a PM.

Insurance deductible is $5k and I was not planning on filing until I found out about the total loss of the wood floors.  

What is the long term plan for the city and the state?

Lastly, land development requires solid planning and capital, so getting the right development loan with flexible terms will be vital for success.

But if you want to maximize your deductions now or plan to sell the property soon, then using it now could be better.Also, if you or your spouse qualify as a Real Estate Professional for tax purposes, the losses could offset other income, like your W-2 salary.

My father is the trustee and sole beneficiary, and plans to will the house to my wife sister and her.We want to take out a HELOC on the house to invest in real estate (we currently have two properties and are planning to scale up).

However, anything that impacts functionality like plumbing, HVAC, or safety issues should be handled before listing to avoid turning off potential renters/buyers.If you’re re planning to lease it, tenants will expect everything to be move-in ready before signing.

Work with a CPA familiar with SDIRA tax implications to plan accordingly.Private Placement Memorandum (PPM) review – Ensure the syndication allows for IRA participation and that the deal structure aligns with IRS rules.Direct Purchases with Non-Recourse FinancingLender requirements – SDIRAs can only use non-recourse loans, meaning the property secures the debt, and your IRA isn’t personally liable.

I want to prepare my home for renting, and my plans are to buy a motor home to live in for the time being.