Here is our current dilemma that I'm hoping someone could provide some insight to: - We both have the funds to purchase the home with cash, but those funds are tied up in CD's until March, so we will need to apply for a loan in the meantime.

Whichever you select must apply to all assets in the estate.But you still get the new basis at time of death, regardless if it is sold within 6 months.

The town should have that already on file too for when the permit was applied for.

@James KhailRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Sanil Subhash Chandra BoseRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

If a painter leaves the rags they stain with in a pile, they can spontaneously combust and cause it to catch fire.

For 3-6 months of seasoning, the appraised value can be considered, though LTV restrictions often apply.

Otherwise, as @Nathan Gesner points out, it can be MORE expensive than hiring the right professional.ALSO:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

@Alfredo Cardenas once you qualify as a Real Estate Professional, you can generally apply both current and prior-year passive losses toward offsetting W-2 income.

It's a weird looking link so, about half the people that apply don't reply back after I send it to them.