I just took the past 12 months worth of funds from them to the bank yesterday and had $244.

I would happily consult an attorney for a reasonable fee, but learned this afternoon the one I had used once in the past, has since retired.

There is one central steam boiler for the whole building, and I was on the hook for the whole gas bill in the past.

Quote from @David Neubauer: Hi all, Over the past year I have been gathering knowledge on various different types of real estate investing.

For future reference, try using Door Depot or Magnolia Windows and Doors; both are great Chicago vendors that we have used in the past.

You can always start off on house hacking a multifamily in MI 1-4 units with min 5% down or 3.5% down for FHA.

The 401k is from a past job so probably will go the IRA route.

With respect to your 2 questions, 1) when you sell the property, all the depreciation taken (regardless of whether it was used to offset income in the past) is subject to recapture.2) You can reduce your taxable capital gain by subtracting the selling expenses from the sale price.

I am going to paste what the listing agent posted as a remark in her listing, and then I would like to read your comments: Duplex with an EXCELLENT rental history!

I have learned a lot about myself these past few days and the courage it takes to put yourself out there, I will think of your resilience and persistence on finding a buyer to close the deal and help the older woman out.