Of course, if the tenants don't file tax returns, there's not much we can do except try to garnish their bank account when they get their federal return - if you can find their bank and serve that bank a Garnishment Notice before the tenant withdraws the electronic payment from the IRS/ tax preparer.Hope this all helps!

In our state (Washington) you must send the lease non renewals 60 days in advance and they have to be served (posted at house and mailed).

After the leases are up (or if they are month to month), serve the tenant for 30 days and renovate each unit. 

You also might want to consider using the general asset account (GAA) as a strategy to possibly continue depreciating the property before demolishing and rebuilding.Obviously, once you convert the investment property into a personal residence, you lose out on any further deductions from a P&L standpoint.Feel free to DM me if you have any further questions.

The required education must serve a bona fide business purpose of your employer.The education maintains or improves skills needed in your present work.However, even if the education meets one or both of the above tests, it is not qualifying work-related education if it:Is needed to meet the minimum educational requirements of your present trade or business orIs part of a program of study that will qualify you for a new trade or business.You can deduct the costs of qualifying work-related education as a business expense even if the education could lead to a degree.

Folks tend to not do anything when the heat is down low...but when that Sheriff serves them notice of the auction or eviction...it's a whole other story!

These updates aim to serve Sevier County residents better and improve overall efficiency.𝐍𝐞𝐰 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬• Sevier County Residents Only: Proof of residency may be required upon entering a convenience center.• No Commercial Waste: Commercial garbage and refuse must be disposed of directly at the Sevier Solid Waste, Inc. facility.• 5-Bag Limit: Each resident is limited to disposing of five (5) normal-sized garbage bags per day.• Bulk Waste Limit: Residential bulk waste, construction/demolition, and green waste disposal are limited to a 5' x 8' truck bed load or small trailer per day.𝐂𝐞𝐧𝐭𝐞𝐫 𝐕𝐢𝐞𝐰 𝐑𝐨𝐚𝐝 𝐌𝐮𝐥𝐭𝐢𝐩𝐮𝐫𝐩𝐨𝐬𝐞 𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞 𝐂𝐞𝐧𝐭𝐞𝐫 𝐭𝐨 𝐫𝐞𝐨𝐩𝐞𝐧 𝐨𝐧 𝟖/𝟐𝟔This newly renovated multipurpose convenience center will serve as the first multipurpose site to serve both Sevier County residents and short-term rental unit cleaning companies.

This will be our first investment and have found that we cannot get a loan under the LLC without 2 years of P&L statements. 

Quote from @Nicholas L.: @Mikey C.is this your first property?

I had a retail deal and bank had an appraisal of $10,420,000, looking at P&L from 6 months earlier on the subject the NOI was $300k, looking at rent roll of a month in August the income was $105k with 35% vacancy, asked the asset manager how did the come up with $10,420,000 and he said based on that month rent whats renting in the market not considering this is a stressed property and wanting around 80% off that amount which did not even make sense what so ever.