This all comes down to how you're structured, how the flip cost were accounted for, if there is a partner (you mentioned "we").If it is an S Corporation and you "distribute" or "sell" the property to yourself, if there is any loss on value, which probably there isn't, know it most likely won't be deductible if it's a related party transaction.  

Thoughts on (1) biting the bullet and starting the foreclosure process versus (2) waiting it out and trying to sell the property (at a loss)?

@Cameron ScheuerWelcome to Bigger Pockets.

(A substantial drop in national savings rates from 4.4% to 0.9% raises alarms about future consumer spending capacity, especially as recession looms and job losses become prevalent.)

Then in my bigger unit I decided to use the $1.98 a sqft LVP and I have had nothing but problems. thought if I spent a little more and got the water proof stuff it would be better.

I believe both Columbus and CCA tax off of income so the income wouldn't be includable on the return where it's not present (100% apportionment to CCA).It's very important to note that not all jurisdictions in Ohio tax at the local level and there's not a ton of rhyme or reason as to why outside of bigger localities being more likely to do it usually.

Welcome To Bigger Pockets!!

I'm new here on bigger pockets, new to real estate as a whole.

Im hoping to make it bigger than just a simple class project so Im seeking to learn from the best sources possible.Here are a few questions, but feel free to share anything that comes to mind:What property management software do you currently use?

If you want to get rich, then you'll have to take bigger risks and go into things that can give you solid returns right away.