Put simpler, would you happily pay 10% more for everything you buy today if trade-off was your income goes up 20/30%? 

adding a half bath, complete reno.What was the outcome?

What was the outcome?

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

What was the outcome?

No matter what the outcome, you are a go-getter and will have knowledge on this subject and can help others.

Don't just go to them with "I have time, I'll trade it for your knowledge, teach me" - you just created a problem for them and now they have to figure if/how they can use you.Do you know your "Why"?

What was the outcome?

If you are in a trade or business, you may potentially be able to write off costs to attend a meetup, and meals while you attend.The purpose is justified as you are trying to build connections which is required within the real estate space.The costs of the meals have to be reasonable.

My thoughts:- lawyer will be over $5k if this goes to court- outcomes are never a guarantee.