The market does slow in the winter, but people still move, especially in areas with decent weather.You need to study the market constantly and know how you compare to the competition.

I've been in REI a long time and have seen the good, the bad, and the ugly, but $60k of damage from one tenant indicates gross negligence on the part of the property manager.I'd suggest three things: 1) Study the contract you have with the PM company, and talk with your attorney ASAP to see whether a lawsuit is feasible/advisable, 2) Get at least three bids from other contractors on the repairs (and before you hire any contractors, study up thoroughly on how to properly vet and manage contractors--there's plenty of info about this on BP) 3) Don't do any more business with the PM company (or any contractors they refer), and keep them at arm's length while you discuss your legal options with your attorney.

@Lauren L Pokladnik the first thing I would do is get a feasibility study done on your lot to decide what can be built on it to determine highest and best use of your lot and the cost that is associated with that. 

I did the exam without studying, just light reading, meaning 30 mins or so.

You need a strong operator / builder / agent / developer to look at all of these considerations and to have studied the market or you have to do it yourself.

I have been studying Avondale/Riverside/Murray Hill/San Marco, and more recently, Springfield and Fairfax. 

Depreciation is a huge savings, for nicer properties you need to do a cost segregation study and use bonus depreciation.4.

Study?

.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.

I'd speak with your CPA to confirm whether or not your wife can qualify as a real estate professional because that makes a difference in being able to use your losses from the cost seg study now versus rolling them forward.https://www.aicpa.org/resource...