Hey guys, I look at the benefit of the LLC as keeping a loss from one from spilling over into other LLCs or your personal finances.

Increased rent $500 per month, cost of renovations $65,000 = 10 years to recover the $65k investment.

Just take the loss and repurpose the downpayment capital into something better.

Your perspectives have been incredibly helpful as I navigated how to handle the situation.Here’s how I just responded to the tenant:I expressed sympathy for their situation and the loss of their pets.

In this case, am I still able to count the inspection fee as a capital loss, even though this expense occurred before I rented out my first property?

Reporting these expenses on your personal tax return (likely Schedule C for a sole proprietor) could result in a net loss that might offset other taxable income, reducing your overall tax liability.

Finding the correct contact info is hard enough, but if your pitch is that they should sell cheap now, you're misreading the market.Multifamily properties are worth significantly less now than they were just a few years ago, and asking for a further discount due to property condition would probably result in a loss, maybe not even pay off the debt.

If I had to pay my cleaners on top of the loss income it would impact even more as my cleaning fees range from $100 to $400 depending on the property.  

K-1 losses, generated through depreciation and cost segregation, can often offset distributions during the hold period, minimizing taxable income.

The conversation, as well as this decision, left me wondering how many insureds are denied policy coverage and cannot afford to bring a suit against the insurer and are unable to recover their loss.