I’m confident that everyone who reads this will gain a deeper understanding of PMLs and HMLs :))

@Connor ChanterI'm not a CPA but based on your post as long as your mom is the owner of the house in Michigan she should qualify for the $500k capital gains exemption.

In a market where buyers a bountiful, sellers have too many other options to consider, before accepting an offer from someone trying to assume their loan. 2) Anyone who has owned their home for 3+ years is sitting on a substantial amount of gained equity from appreciation.

You can also look at Schedule E, which connects to depreciation, though it won’t show the exact cost basis.Since depreciation affects the final cost basis, you might want to ask your CPA for a summary of your properties' bases to save time in the future.They should have a system where we can give you not just the basis but also a detailed gain (and estimated taxes) calculation within a day.

For taxes, if the insurance payout is more than your adjusted basis (purchase price minus depreciation), you’ll have a casualty gain.

These resources can help you connect with like-minded individuals and gain valuable insights for your multifamily investments.Good luck!

. - A 6 month renter is NOT something one gains on demand.

This all sets the stage for what I share next and that's the frequency in which those who post about their lofty goals are seemingly unaffected by the sound advice those who have nothing to gain have to share.

I understand there are other reasons to consider that are not in the equation, i.e. tax planning and long-term benefit, improving cash flow over time, and equity gain.

Having moved to Texas from Tennessee, I'm actively exploring the local market and excited to connect with this community to gain insights and knowledge from experienced professionals.