Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

If they weren't that successful then are they the best people to be dishing out paid advice?

Then check to see if the water meter keeps spinning.

You may want to consider really understanding construction on existing built homes and then pivot into using a trusted GC for those new builds.

If he feels he still has rights to the rental and the deposit, then that also means he has responsibilities for the damage and is subject to charges.

If you can get it dirt cheap somehow and maybe flip it, then you could profit. 

I then bought a duplex and eventually got bigger.

They have a vested interest into keeping everyone happy because it is way easier to keep a client then to go find a new one. 

However, I established many meaningful relationships for those I hired then and later in the future.