.: Quote from @Chris Seveney: @Dana YobstBlows my mind how he is out there still teaching classes and going on as nothing happened but it sounds like these debts are not getting substantially paid down.As many of us know, one of the main reasons he's able to continue on is with the help of this other self proclaimed criminal https://weclosenotes.com/ep-nc-03-protecting-yourself-using-a-corporate-veil-with-aaron-young-from-laughlin-associates/ Using a remote entity to limit liability is a life blood of insuring investment into all types of job creating, life saving and life improving business development.  

Here's whats on my mind.

- What are some best practices we should keep in mind to keep maintenance cost of the ADU to the minimum in the long run?

Love that you are coming to the market to interface here, nothing can substitute it in my mind.  

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

I've talked to a few tax accountants and attorneys about it and some are open-minded, while others are convinced that they are a complete sham (though they actually know very little about them).I'm curious if anyone on here has actually seriously considered using one or actually used one? 

I also don't mind driving to Jersey if it makes sense 

•Peace of Mind: Robust legal protections provide peace of mind, allowing property owners to focus on effective property management.Understanding Squatters Rights in FloridaUnderstanding squatters rights in Florida is crucial for property owners.

You will find a group of like-minded people to share information with and learn from. 

It’s awesome to see similar minded people around the area!