Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

Happy to help strategize a path forward that fits your goals!

Admittedly, my properties were mostly in the path of gentrification, so overtime was moving effectively getting rid of my section 8 tenants and going with better qualified, higher rent paying market rate tenants. 

I'd keep an eye out for future development and path of progress plays.  

I am attached to this career path as it is something I can do remotely.

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

@Jon Ankenbauer Transferring the land via a traditional sale registered with the county is a straightforward option to establish clear ownership and equity, which is essential for future financing.

Originally posted by @Rod Lambe:Jay,You don’t know how much I value and appreciate your straight forward comments.

It’s quite eye opening.I hope this post helps at least one investor avoid the same path I took and saves them from the nearly 8 years of frustration I've endured.

Since this opportunity came up, I've begun to take real estate more seriously as a path to financial freedom.