Board collected those funds and put them in Operating instead of Reserves.

On top of that, hiring tribal members for construction or operations could qualify for employment-related tax credits.

This will create your new basis.From an operational perspective, you might want to touch up a few things on the place to make it more rentable. 

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

Once it is operating, it doesn't require a ton of time, save & except when you have an emergency come up.

Hi Richard, Do you currently own/operate LTRs?

Hi BiggerPockets community,I’m new to real estate investing and currently running a remote operation to help connect investors with distressed homeowners and foreclosed properties across various markets.

Or become an operator like ODC and make money raising capital for your deals ..

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

If you want the furniture, just negotiate that and put it in the contract.Could you lease it from them for those 3 months and operate under their permit till yours is available?