“On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

Some of the receipts as well as the distributions are on a property-by-property basis but that makes sense. 

The 50% you just inherited should have come to you at a step up in basis. 

For fish, we may charge a higher security deposit or require a higher renters insurance depending on the size of the aquarium.Typically we do all pets on a case-by-case basis pending owner approval, and there would either be a $500 non-refundable pet deposit due prior to move-in per pet or a $50 non-refundable monthly fee per pet. 

Your gain will be Sales price less sales expenses(Commissions, closing costs) less Adjusted basis.Your Adjusted basis will be Purchase Price plus Improvements less accumulated depreciation.Depending on how you categorized the improvements / furnishings will determine how you will calculate your gain.If you already took depreciation / expenses for the furnishings, you can't also count it towards basis to reduce your gain.Best of luck.

The ultimate tax-free transfer would be to inherit the property at a stepped-up basis.  

Seems like everyday a new $500 mil finance company is relocating here. 

I source properties for investors/myself all day, every day in Memphis, TN!!

When you turn a personal residence into a rental, you want to make sure you calculate your basis properly.Your basis will be purchase price + improvements made to the house since time of purchase(Assuming the FMV at time of conversion is atleast this amount).Best of luck!