Additionally, participating in local real estate investor meetings can connect you with experienced investors for guidance and potential partnerships.Building relationships within the industry can often be as educational as formal training.

Although this was the first time the IRS formally focused on this issue, it is now clear that the IRS will disallow basis adjustment on assets held in an IDGT.IRC § 1014Internal Revenue Code § 1014 has been a long-standing tenant of the US tax code, dating back to the early 1930’s where it was formally classified under Section 811, Title 26 of the Internal Revenue Code.

Based on the comments I plan to send a formal notice in early October notifying of ending lease January, 2025 and also offering that if they find another home in the meantime I only need two weeks notice - I really liked that suggestion.I will also require the car removed within three weeks or towed.

A spreadsheet has its place in your daily operations and tracking efforts, but I highly recommend starting with a software like QuickBooks Online to track your expenses in a more formalized manner.

@Tanner Sortillo- thanks - I would have the new investor get a solid idea of financing options and for them to get formally pre-approved for a hypothetical scenario. 

Some states require a long formal court process, during which time the person in charge (executor or administrator, aka personal representative) may have certain interim powers to sell real estate before distributing to heirs or beneficiaries.Other States make it possible to get a single court order distributing real estate to heirs or beneficiaries without the need of the lengthy interim (formal) probate.Still other States permit a really informal, simplified method of transferring real estate from a deceased person to their heirs without court involvement.Hence, you you've got to know the State, the basics rules for that State and what's required to purchase in order to know when the sweet spot to market to a probate seller is.

I would probably try to speak with them face-to-face or on the phone and finish the conversation by telling them you will send them a formal letter shortly with the exact date after you talk with your contractor/partner, etc. 

Is that interior lot line assumed when a duplex is built, or is some kind of formal process needed?

I'm walking with a contractor today to get a rehab ballpark estimate before making a formal offer, but want to be prepared for the next step should my offer be accepted. 

@Shrikant Kakani- thanks ...if you  dont need to use financing - disreagrd the following tip ..if you will need to use a loan to acquire your 1st investment property - I would recommend getting the formal loan pre approval step completed ..this is free  and it will help answer many questions you have  and  help get you organized and  prepared .