I'm Pratik Patel, a healthcare professional excited to join the BiggerPockets community.

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

However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.

Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions.

Licensed in both Hawaii and Vermont at the moment, navigating acquisitions and depositions by collaborating the directions of my client with grounded professional understanding. 

@Daniel MadhavapallilYou should hire a tax professional. 

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

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

Ask lots of questions and you will receive great insight from professionals!

However, I would prefer if the property could support itself and not be a drain on my personal income.