Here are some thoughts I hope help.The benefit of selling now is that as an inherited property you will likely pay no taxes because you inherit it at a stepped-up basis.I'm not a huge fan of buying a house that has lot rent.

As soon as people receive their tax refund checks, they will be knocking down your door.

Does it need to be completed before end of the year to use it when I do taxes in April 2025? 

I am very excited To have finally closed on my first investment here in Liverpool NY as a 19-year-old investor as of last week and be auditioning for the Bigger Pockets rookie podcast this Monday!

Many people get this confused thinking that is take-home (NET) income, when it should be BEFORE taxes GROSS income. 2.

You must exclude the land value, typically allocated based on property tax assessments or an appraisal, as land is non-depreciable.

After months of blood, sweat, and bargaining with contractors who seemed to vanish into thin air, I finally flipped it for $180,000.

And given #3 above, it leaves about 20% of rent for all other expenses like property tax, insurance and other PM expenses like leasing fee, eviction fee and other minor expenses like for e.g landscaping, pest control etc.

After 2 months going back and forth with them, they finally ended up paying 50% of the $9000 bill.

Not sure what the final $$ will be, but certainly not $35K.Thanks again to everyone for their thoughts on this!