Additionally, the house is 25 years old and could use cosmetic updates to increase rental appeal.

Timely because January 31st is the deadline.Sending 1099-NEC (formerly 1099-MISC) to contractors and vendors2024 update: While not directly related to sending 1099-NEC forms to your contractors, you may have seen the panic on social media about every $600 electronic payment reported to the IRS under a new law.

Keep us updated how it goes, interested to hear.

Additionally, FEMA updated the local flood maps here in July 2024 and much of the area now requires flood insurance. 

We have had a pipe burst during the cold winter months, the roof needed to be replaced (thankfully covered by our insurance), and some issues with electrical, which hasn't been majorly updated since it was built in 1973. 

I will provide an update when I hear back or have substantial resolution to my issues.

I would shoot him regular updates to keep him in the loop.

It's updated yearly and is the best $40 you'll spend as a Landlord. 

UPDATE:  Just chatted with the city and learned that variances have a high threshold for approval.  

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck