Doesn't matter what they promise.

@Nick AmYou also may want to consider other matters besides taxes, such as state law requirements for management companies and serving as a property manager, especially with a tiered structure.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

I was talking to my brother on the phone and would like to get others educated opinions on the matter.

Today I had a new situation and obviously can't advise on tax/legal matters, but hoping to get some insight from the community.Managing a property for a client who divorced her domestic partner last year.

All contractors (no matter the trade) are businesses, and should be run as such.

But properties priced and marketed appropriately can still go under contract in a matter of days.

Take your time and don't let FOMO distract you from your long term goals. 20 years from now, it won't matter whether you bought a house this year or next.

Partial or full doesn't matter (except see note below re: coming even on delinquent rent).The statute regarding notice for evictions states: "No judgment of possession shall be entered for . . . except in the nonpayment unless the landlord has made written demand and given written notice for delivery of possession of the premises.”