Pay attention to the duration.DM me if you want additional thoughts.Jeff

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Look at the PM contract and verify the 8% is all inclusive and that there are not additional charges for placing a tenant, resigning a tenant, inspections, and dealing with vendors/contractors.  

Outdoor storage, moving services, additional parking.

With this additional expense, that would mean depleting the savings we’ve worked so hard to build over the past few years.To add to the situation, my wife and I are expecting our first baby in just two weeks!

If you may please send me an email or text when you need additional help as I don't access this blog very often.

Additionally, I've been spending a lot of time evaluating condo / HOA management solutions and accidentally stumbled on ManageCasa, which offers a free trial and < 3 unit free tier that has allowed me the time to get in, kick the tires, and really appreciate their attention to detail and broad feature set that adapts to each unique industry sector.

These are professionals with additional training and a stricter code of ethics.

I prioritize appreciation, tax benefits (rental property expenses, depreciation), ability to use leverage, and passing on generational wealth with real estate. 

Despite all your efforts to buy them goodwill, they will give you the middle finger when it benefits them.