Your accountant uses the form 8824 to report the tax deferral and set up the new depreciation schedules.As to your other question...Dude.

Has anyone set up a vending machine in one of their buildings?

I just finished listening to episode 838 and am now panicked because I don't have any of these other protections set up.  

Here’s the situation:Key Project Details:•Property Size (pre-renovation): 250 sq. meters (2500 sq. feet)•Purchase Price: 250,000 EUR (1,000 EUR/sq. meter)•Renovation Costs: 750 EUR/sq. meter (includes kitchen, appliances, quality furnishings)• Loan costs (during renovation and renting): 350 sq. meters (due to attic expansion)•Property Size (post-renovation): 350 sq. meters (due to attic expansion)•Post-Renovation Layout: 2 separate apartments•Airbnb Income (24 months): 2,500 EUR/month/apartment (= 5,000 EUR/month)• Other running costs: 600 EUR/month•Projected Sale Price (after 2-3 years): 850,000 EUR (approx. 2,500 EUR/sq. meter)•Closing Costs: Negligible in Tbilisi•Real Estate Agent’s Fee: Typically 3%, but negotiable based on who hires themFinancing Setup:•Property Purchase Financing: 100% bank financing at 5.9% interest (bank has even financed 150% to cover some renovation costs in the past)•Renovation Financing: Our friend is offering to finance 250,000 EUR in cash for the renovationsProposed Partnership Structure:•Work Involved (on our side): Full renovation (10-12 months to complete), furnishing, and property management through Airbnb until the sale (2-3 years)•Profit Split Proposal: 60% (us) / 40% (friend providing renovation financing)Questions for the Community:1.Does the proposed profit split (60/40) seem fair, given the work we would handle (renovation, furnishing, property management)?

Your agents will have to work closely with you to make sure no guests are interupted but the buyer has access to the home and you close on a date with no guests that day and the following few days while they go in and take inventory, set up utilities etc. 

You're in a tough spot, but here’s what you can do:IRS Payment Plan: Set up a payment plan with the IRS to spread out the $200K tax bill.

You can set up templates to save time and customize them to match your brand.

I found the best solution was to set up auto pays for all the accounts and then make a google doc with all the info broken down by property for periodic reviews.

Make sure these expenses fit into your investment plans and budget.In short, while you don’t have to set up an LLC before buying your first property, it can definitely offer some solid benefits like liability protection, tax flexibility, and a more professional image.

What is the Facebook group you have set up?