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.

If you have current rentals properties on your tax return reporting for a full tax year, we'll use the net after expenses but add back depreciated and any one time extraordinary repairs.

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

A Qualified Intermediary (QI) is required to handle the funds and process.Selling “as is” can save you from repair costs but might lower the sale price. 

Will need all the typical repairs (flooring, cabinetry, paint, etc. etc. etc.). 

My strategy is to find a good agent, analyze the off market deals presented to me on either SF or MF within my budget, account for some repairs so I don't want to buy turnkey but also don't want to BRRRR from out of state (at least not yet), and rent to section 8. 

A missed sewer line can be a 20-30k repair alone, but more commonly you are going to be over budget $500 here, $1,000 there, and when you add it all up, it becomes $20k very quickly.

Hello BP Community,I am looking at  a turnkey property in the DFW area. There has been a considerable amount of foundation work done (addition for piers, leveling, etc). Is this common problem in older homes in Texas?...

Investor Consequences: Longer Tenure, Lower Vacancy Rates: Reduced tenant turnover can help minimize vacancy rates, saving costs related to marketing, leasing, and repairs.

Due to the nature of the possible time and repair costs this may lead to speak with an attorney that can advise you on law suit.