I'm based in Tampa and am happy to connect.I also have family in Chatanoogo and originally from AL, so I can help when it comes to those markets.

I've got a property under contractPurchase price $78K out the door (I have cash to close) Intent: build on the property which already has a functioning well, septic, and needs PGE installed Total buildout on the property utilities: $128K including the original land purchase price.

When renting out furnished rooms, am I obligated to provide the exact furnishings and decor shown in the original listing photos?

The calculation involves:Selling Price: $1,075,000Original Purchase Price: $355,000Depreciation Recapture: $105,300 (taxed at 25%)Capital Gains: Sale price minus original cost, minus depreciation, minus selling costs (~15-20% federal capital gains rate for their income bracket).State Taxes: Since the property is in California, state capital gains taxes will also apply.Given the multiple layers, I’d highly recommend your parents work with both a CPA experienced in real estate and a qualified intermediary for the 1031 if they choose that route.If you need recommendations for professionals in Illinois or California, feel free to ask!

Once you walk a property, you often have to throw your original underwriting out the window.

For example, in my state PA there is an inheritance tax and many TAX auction properties originate from people passing away and the heir(s) not taking control over the estate and paying those property taxes.

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.

Originally posted by @Eric Mayer: Not sure how much Marijuana you have been around, but some smells terrible and all of that can happen without smoking it inside.

These are also the banks that are more commonly relationship lenders and will allow your originations to out pace your balance sheet if you are consistently able to execute on the projects they fund for you.

Originally posted by @Tori Roy:How do you approach closing costs?