Such conversion need not comply with the requirements of the following specific provisions of this chapter:(a) Section 13-196-660 (height limits); however, in frame buildings, four or more levels of living space shall be prohibited and in buildings of ordinary construction, with or without attic living space, five or more levels shall be prohibited; (b) Section 13-196-050; however, all dwelling units must comply with the exit provisions of Chapter 13-160 except basement dwelling units may have a second exit through a room containing a heating plant; (c) Section 13-196-670 (stairwell enclosures); (d) Section 13-196-680 (corridor enclosures); (e) Section 13-196-690 (dwelling separations); (f) Section 13-196-710 (basement ceiling construction); however, if the basement contains a dwelling unit the entire basement ceiling construction is to be wood lath and plaster of half hour construction; (h) Section 13-196-720 (heating plants); however, basement apartments are to be separated from heating plants with partitions of one hour construction.

Anyway when I file taxes next year I realize I'll be claiming 100% of the income on my taxex, but I had planned on adding his portion of the profit as a loss on my schedule E, perhaps as a management expense.

I know this post is several months old so just curious, did you end up deciding between 505 Cedar or 300 E 4th?

If you used the cash out money to purchase another rental property, then the mortgage interest on that portion of the refinance loan is deductible against the new property's Schedule E. 

Ed E.

I’m not saying this to brag or anything just trying to give you a sense of who you’re chatting with.Well anyways, I’m still in the E quadrant so I’m going to watch this game and start getting ready for tomorrow.

And, I am educating myself to try to start an e-business based upon my years in RE. 

In addition to these expenses - I am sure you have others expenses.This will be reported on Schedule E.

You can then file a schedule c or e at the end of the year for all expenses related to the business.

I am thinking once it hits the bad guys account they have within 30 seconds moved it off shore.this all started when title companies would not take personal checks.. because lenders and such could not get there docs there until last second.. so no time to clear a check.So then the title co  required cashiers checks.. well that went along for a while until the bad guys figured out how to forge cashiers checks.. it was really bad in Florida for instance.So then it went to wires were we are today.. and now with everyone relying on E mail. and the ability of hackers.. once the bad guys realized how much money flowed and how many to most of the folks doing this were newer it was like katy bar the door.our process since we wire every day.. is two fold request from closer and at this point we might be on deal 30 with the closer and have their coordinates.. any e mail that changes their wire.. the big one is Hey we just moved banks here is our new wire info.. that is HUGE red flag and we go into telephonic mode.. most of the closers I use I have used for many years so I know there voices..