I am a neophyte to REI. I've read and heard people talk about owning a B property in a C neighborhood. How do you go about determining the property and neighborhood classification? Are there guidelines or hard and fas...

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A person who owns a rental is not necessarily in a commercial venture.I see many private lenders attempting to classify loans as a means to justify their lending activities, they usually have misconceptions making a decision based on common sense, common sense doesn't always apply in splitting hairs or lending.If you make a loan to an individual, regardless of their intent to use the funds, it can be a consumer type loan, and loans are also reclassified after they are made.

Of course you could be a RE professional (as classified by the IRS) allowing unlimited write-offs against both passive and earned income, but less people who are investors qualify for this distinction. did a lot of good business in the Go Zone, but have also fallen victim to uncontrollable circumstances, such as sheister builders and so called lenders.Congrats on some of your successes, that is comendable!

Glad to hear everything worked outI see you're in the Long Island area, if you'd like to join a meeting of our Real Estate Investor group we meet monthly, I list the events on Bigger Pockets in the Classifieds/Events & Happenings sectionOur next:  https://www.biggerpockets.com/...It's very informal, open discussion (but you're under no obligation to share anything if don't want to), all aspects of real estate 

I think you'd be fine with classifying it as primary residence and waiting to rent for a full year.

Market knowledge, strong network & experience are probably the three best things you can have when classifying a building and area.  

My city doesn’t collect “construction debris” and boy are they picky about classifying EVERYTHING as construction debris.  

I would advise against classifying it by zip code.

The 12-unit has been 75% renovated - though after the walk through, I would classify the renovation as lipstick and heels - the building itself is still as inefficient as when it was built 35 years ago.