Specifically I think a lot about the smells that travel through the duct work between the units.

Sorry to be blunt, but you were doing everything wrong that you possibly can do.

So to answer the question specifically no I would not buy a property that did not cash flow and only for tax basis.

Hello Doug, I am not a real estate attorney nor is this legal advice.Unless someone's state has specific laws banning contract assignments you should be fine doing the following.  

@Pedro Martins,Sorry - it's not based on any specific type of loan.

This year, 96% of my transactions are already tagged for 2024, so I expect to do about 1 hour of cleanup before I send to my CPA.Don’t get me wrong—I’m still learning new ways to simplify tax prep every year.

Quote from @Devin James: Quote from @Dominic Mazzarella: Quote from @Devin James: Everything went wrong with this investment:   - Took 4 months longer than expected   - Cost $10K more to build than we anticipated   - Sold for $20K less than we anticipatedWe still profited with a 30% return on equityThis is why I love Real Estate InvestingWhen you do your diligence and stay conservative with your numbers, it takes something really bad to lose money.Here was the original post:My siblings and I are building a home in North Port, FL.Here are the numbers: - Finished Home Value: $412Kish - Land Cost: $19,750.39 - Construction & Permitting Costs: $304,897Additional costs: - Environmental Site Assessment - General Liability Insurance - Builders Risk Insurance - Construction FinancingWe will be listing the home this weekPhotos coming soon!! 

However, you could look into a “construction exchange” where the funds are used to improve a new property acquired through the exchange, but it must meet specific IRS rules within the time frame. 

If I ever have specific questions, I look through google and then use the BP forums as another source.

My question is around property insurance and specifically what are everyones MUST HAVE COVERAGES.