There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

Since non-permitted work could impact insurance or liability, I’d consult local authorities, hire professionals, and confirm zoning compliance to ensure a smooth process.Good luck!

It’s great to see your enthusiasm, and you’re in the right place—this community is full of knowledgeable and supportive investors, professionals, and entrepreneurs.

Quote from @Emmanuel Rugamba: Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process.

All kitchens were professionally installed and the building is in great condition.

Hire an experienced real estate agent (20+ years in the biz) to run a market analysis for you.

Title work Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I want to make the best decision while honoring my agreements and maintaining professional integrity in this deal.

most contracts your 5k is your liquidated damages in most contracts. .. so snag that fire the agent and find another buyer if 13k is that important to you.. for sure not worth hiring an attorney for. 

Are those the professional photos?