![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2589175/small_1695505620-avatar-kevink719.jpg?twic=v1/output=image&v=2)
27 June 2024 | 37 replies
Here goes me committing BP suicide, I think.My "lawyer", chatgpt, claims that no laws were broken.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1753135/small_1650489035-avatar-brendag60.jpg?twic=v1/output=image&v=2)
27 June 2024 | 9 replies
Would have asked them for proof of their smoking claims, as not worth responding to otherwise.Regarding fights, they need to call the police.You are NOT a babysitter or mediator.If something is not worth them calling the police over, a landlord does not get involved.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/156984/small_1696154254-avatar-speever.jpg?twic=v1/output=image&v=2)
26 June 2024 | 4 replies
I’m not sure of the laws and processes in Canada, but here in Florida if the tenant’s use of the bag damages the floor, then the repair costs may be able to be claimed from their security deposit.
28 June 2024 | 10 replies
Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/517145/small_1694995405-avatar-shanev4.jpg?twic=v1/output=image&v=2)
27 June 2024 | 41 replies
There are 2 complaints on the BBB site they claim have been handled, but it seems like an issue of not taking care of business for many months and then claiming to deal with the issues only after the complaint was made.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/625102/small_1621494073-avatar-victorv15.jpg?twic=v1/output=image&v=2)
23 June 2024 | 7 replies
We all have the same title insurance company and have individually filed claims.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/533786/small_1621482803-avatar-anastasiaj.jpg?twic=v1/output=image&v=2)
28 June 2024 | 46 replies
Upon further investigation it seems to me that another one has a quit claim deed from a few years ago that didn't get assessed in the new owner's name.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/624344/small_1621494051-avatar-igorbalakhnin.jpg?twic=v1/output=image&v=2)
27 June 2024 | 26 replies
Thanks@Linda Weiner this is all determined by the "basis" you are claiming on your taxes.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2989749/small_1712362546-avatar-jinrong.jpg?twic=v1/output=image&v=2)
26 June 2024 | 4 replies
I come from a jurisdiction where you claim can be declined if you fail to show proof of tenant screening documentation especially for property damage by the tenant.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2890724/small_1706948365-avatar-emilya122.jpg?twic=v1/output=image&v=2)
25 June 2024 | 8 replies
Never heard about this company before, but they claim to use raw data from Airbnb, and frankly I found them to be more accurate than Airdna.