The executor of the estate also should have had some basis for that as well.Fair market value when your relative passe as @Jake Baker and @Cory Carlson said.

We're relatively new STR owner/operator in Highlands and have been very pleasantly surprised with demand even outside the peak summer season.

Be mindful of a gift tax implications if you sell a house for less than FMV.Also be mindful of transactions between related parties when selling at a loss.

We use DealCheck to underwrite deals and QuickBooks Online for everything related to accounting and budgeting.

I have two options 6.625% 30 year or 6.15% 15 yearI want to invest aggressively in the near future on more propertiesThe loan is only $110k and the monthly payment for 15 year is $563 and $750I will earn 2-3k a month in gross rental revenueThe property is in a declining population areaRecently rennovated, and all major things were relatively recently improved such as plumbing, the roof, a/c, electric, etc.Will require a lot of management as it is rent by the room so I may switch to a normal rental after 10 yearsI'm trying to find what will mathematically net me the most money in the long run.

I bet if it were your grandmother or relative in that situation you would think differently.

.- Owner must sign a Hold Harmless to indemnify us against any potential tenant lawsuits relating to the work their contractor is doing.--- Another lawsuit resulted from owner's contractor taking down basement handrail to get supplies down the steps, then they didn't put it back and tenant fell down the stairs.- We also negotiate a reasonable completion date, depending on the Scope Of Work (SOW). --- Who gets all the phone calls and wastes time calming a tenant down because the owner's contractor doesn't show up as scheduled after they took time off from work or a 3 day job takes 3 weeks?

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.

How do you think the 2 relatives will feel about having their rent raised or being required to pay rent period?

I imagine it’s a relatively short drive from Southwestern Ontario, and it offers some unique opportunities that align well with what you’re looking for.Detroit has seen tremendous progress over the last decade, with significant investment and revitalization in many areas.