The IRS automatically classified your LLC as a partnership when you requested the EIN, which requires filing Form 1065 and issuing K-1s to both of you.

Additionally, it can help maximize renovations and improvements.36.4% of the total depreciable basis was classified as 5-year class life.

Have we gotten to a point in this industry where a property is more attractive by short changing the true fundamentals and classifying the property an affordable housing opportunity? 

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

If the home was still your primary residence throughout 2024 and not actively listed for rent, it would typically remain classified as a personal residence until the lease began.

Please stop asking us for "the best" zip codes to invest in.Detroit has around 183 Residential Neighborhoods - wouldn't it be nice if "some property mangagement company" Classified them all as A, B, C, or D on an interactive map that real estate investors could use to make better decisions?

Those posts belong in the Classifieds section.📂 Need forms or spreadsheets?

If someone stays at a property for 14 consecutive days or more, they could potentially be considered a tenant under state law, even if their stay is structured as short-term renewals.If the individual is classified as a tenant, landlord-tenant laws would apply, meaning you may need to follow formal eviction procedures to remove them.

Hey Michael, I would recommend posting in the classified section of BP for your area and attending local RE meetups

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?