•Make sure any outstanding repairs or maintenance issues are addressed as part of the transition.5.

I also see issues with airbnb fining you 50% of stay if needs to cancel due to repairs not being done fast enough.

When it comes to renting to Section 8 (S8) tenants, there are definitely pros and cons to consider:Pros of S8 Tenants:Guaranteed Rent: The government will pay a portion (sometimes all) of the rent, so you'll have consistent cash flow.High Demand: There's often a waiting list for S8 housing, meaning less vacancy time.Cons:Property Inspections: Your property will need to pass regular inspections, and repairs/maintenance must meet specific standards.Tenant Screening: Just like with non-S8 tenants, tenant quality can vary, so thorough screening is still essential.As for the down payment, yes, most lenders will require 15-25% down for investment properties.

Here are the variables you'll need:ARV (After Repair Value)Estimated Repairs (add a 10% contingency)Estimated RentPurchase PriceEstimated PITI (Principal, Interest, Taxes, and Insurance) on the refinance sideIf you know these values and ensure that your all-in cost (purchase price plus repairs) is 75% or less of the ARV, and that your rent will cover PITI + vacancy + maintenance + property management, then it's a deal worth pursuing.The BRRRR model is a fantastic way to build a portfolio and is still very feasible—even in 2024.If you're interested in more info, feel free to shoot me a DM—we can connect, and I'd be happy to assist you.

If you plan on purchasing the following year, show your tax returns to your lender before filling.Your statement brought up another great point- properly documenting improvements separate from repairs and maintenance. 

For example, if you think 25% of the units will turn over in a given year you might have to paint the unit, make minor repairs, and then pay an agent to re-lease it.

Can I deduct any expenses incurred throughout the entire year 2023 for that property such as utilities, insurance, repairs, mileage, maintenance and improvements?

Sorry to hear about this – a $14.5k repair is definitely a tough situation.

We always schedule a walk through inspection noting repairs that need to be done soon or eventually.I've recently closed on some wholesaled properties and against my better judgement used the seller's choice of a closing attorney.

Is it possible for me to declare it as a repair and deduct the expense in the same year?