They did pay this month's rent but are struggling with all their other bills. 

Agent just alerted me to the new Maryland HB693 bill that went into effect Oct. 1 2024 limiting security deposits to 1 months rent.

You could read 100 books and still need to learn more because certain things must be learned through trial and error.

From a tax perspective only, putting your property into an LLC may cause your tax preparation bill to go up due to new filing requirements for a single member LLC.

During the warmer months of the year I typically pay the electric bill and for my internet/tv services.

The California Apartment Association (CAA) is urging Governor Gavin Newsom to veto AB 2684, a bill that could lead to expensive air conditioning mandates for rental properties.

However dependent upon taxable income you could get away with a pretty low tax bill due to favorable capital gains tax rates.Be sure to work with a qualified intermediary and a tax professional to ensure you comply with all 1031 exchange regulations and to be sure you keep basis correct as all a 1031 does is defer your gain.Happy to help run some numbers or do some basic analysis for you if you would like. 

My second slow season I decided not to rent it out because the propane bill to heat the home wasn’t worth the hassle, this last slow season was record snow and many homes lost power and heat for several days, it was categorized as a natural disaster.

We were able to work a deal in the last 2 weeks before it was finalized, we had to pay the max amount of interest for back taxes and water bills and liens on the property.

Total Tax Liability:So, you’re looking at a total tax bill of $20k (recapture) + $22.5k (capital gains) = $42.5k.Funny thing is, I had a client back in Phoenix who was in almost the exact same situation.