You don't get to choose who claims the property based on who makes more money.Third, here comes the bad news: you cannot generate tax losses from renting rooms out of your own (or your daughter's) residence.

It even had a bad roof but still qualified.

People sometimes make bad decisions in life and you have to decide whether it is forgivable or not.

And any loan basically at 65 to 70% LTV total if the first goes bad your going to take a huge risk of loss of interest ( almost guaranteed) and loss of principal..

It is not that self storage is a bad industry right now it is the skipper running the cre. a great manager can make a poor location produce!

Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

We are currently paying down most of our bad debt to put us on a better position to buy, and gaining more knowledge in the process.

I would recommend getting the water treated.

It gives those of us with the gumption and resources to offer a real gameroom a bad name.  

Emotional purchases are bad investments.