This means no rental income or loss is reported for the current year, and the $3,000 can offset future rental income or gains.This post does not create a CPA-Client relationship.

Even if the tenant can’t pay, it sets the expectation and documents the issue.Small Claims Court: If the tenant refuses to pay, you could take them to small claims court, where you can seek repayment without needing a lawyer.Security Deposit: If the tenant has a deposit, apply it toward the damages.Consider Eviction: Given the arrears and damage, eviction might be a last resort to prevent future losses.Talk with your property manager to create a plan that minimizes further risk.

I blame the politicians that create rules that allow this.   

If you focus on creating great spaces, you'll be able to generate strong returns with less worry.You seem to have a solid foundation—keep leaning into that.

I created a Google form that has the real estate activity listed in the column and the number of hours spent on each task in the row.

Your architect can create this for you.For hot water heaters, is there a lock on the door to that room?

I'm also relieved that I hired a local real estate attorney to help create a county-specific, legal MTR agreement for our house-hacking situation.

Or at least create plans for emergencies.

Given your stage of life, this could be challenging but worthwhile if you’re confident in handling the stretch.Sell, and reinvest in cash-flow rentals: Using part of the equity to generate cash flow with out-of-state rentals could create a retirement income stream now while still capturing SoCal appreciation.

This renovation took 2.5 weeks for two guysScope of WorkDemo and gut entire kitchen, gut one bedroom, and partial gut of bathroomBuild new closet and frame out a wall to create a bedroomInstall new laminate flooring in two bedroomsInstall new subpanel and new electrical for entire apartmentNew (and some reused) cabinetsNew quartz countertopNew (but bought used) 24" rangeNew microwave and fridge (new fridge not shown in photos)New toilet, medicine cabinet and vanity light in bathroom New built-in kitchen table and chairsCost of Work (approximately)Labor $6,500Cabinets $2,000 - I bought some nice, used Ikea cabinets from Craigslist for a previous job and I had some left over.