The 2 duplexes we bought in Danbury needed approx $40,000 in renovation and we are doing that piece meal around the tenants.We just rehabbed a duplex in Waterbury Ct. and we are floundering about what rental we should ask or can get.

I'm viewing the next 3-6 months as more of a "survival" phase & then we'll ease back into a healthier STR market after that. 

A question I have about deductions for STR, say I am operating an active STR (average 7 days stay or less, with material participation and not offering any sub services).If I travel to the beach to checkout properties am I interested in buying to operate as a STR, can I deduct the cost of travel, stay, meals, gas, etc?

@David C.I have a great CPA in Tampa that actually works very proactively meaning he will do tax projections in Q3 and Q4 and proactively let you know where your tax bill is and give you documented written out options in order to decrease your tax liability.Ruben is a ninja on real estate ins and outs and how to maximize the little things like meal / vacation decisions.

Those are always the first compliment we get, is they had everything they needed to cook a meal for the group. 

It is defined as the following.Boardinghouse, rooming house, lodging house and tourist house shall mean a building arranged or used for the lodging, with or without meals, for compensation, by individuals who are not members of the same familyAdditionally, zoning ordinances prevent SFH and most MF to operate as a rooming house.

You want the seller to agree to fix the issues before getting too far down the rabbit hole where you can't get back out if you need to.Another thing sellers like to do is give due diligence piece meal.

For example you can only write off a certain amount for business meals per meal.

The guy that stole the copper deservedly ended up getting violated on his parole....so we lost a few thousand + TIME...... he made a $150............In scrap which he doesn’t need now bc he gets three free meals a day.

Here’s what I mean:If you are using a Schedule C in your personal tax returns there are 4 important items to be aware of when a bank calculates your income.Schedule CDepreciation (Line 13/14) – can be added BACK as incomeBusiness Use of Home (Line 30) – can be added BACK as incomeVehicle Miles (Line 44A) – can be added BACK as incomeUn-allowed Meals and Entertainment (Line 24B) – is subtracted FROM your incomeSo, if your Schedule C taxable income is $0 (line 31) but your depreciation is $10,000 then your actual income is $10,000!