The IRS looks at buying and selling houses just like buying and selling any other commodity -- you could be buying and selling shoes, buying and selling clothes, buying and selling jewelry, etc.So, the income is taxed at whatever your marginal income tax rate is, not a fixed rate like capital gains.

This can happen in the owner inflated rents and gives concessions on multifamily property or an area has changed and rents are trending downward due to short sales or foreclosures etc.I also see this on retail commercial where a stated cash flow is 18 per sq ft average but the lease are vintage from 5 years ago and now market is 14 sq ft.

What is the vintage of the tenant base??

:)My GF just showed me a pic on her phone of some jewelry she wants (her collection and investment thing).101 rings.

Does the house have any other vintage elements you can keep/restore to hang with the bath?

The undeveloped beach strip reminds me of this article:"In 1990, Club Mediterranee SA (CU) paid A$15 million to buy an existing resort on Lindeman and then spent an additional A$85 million transforming it into a 218-room faux-Polynesian village.

Check out this post where Loren Thomas used self leveling resin over a faux finished counter top.

Time to change that Faux News Channel...

There are still scratches, dark and light spots - a vintage floor, but it looks great.

If I feel like wearing heels and jewelry then I will.