I have been on BP a long time and maybe about eight years ago , a person had a small chance of finding a posted house for sale here that can be flipped.

.: I have a main company, that owns a bunch of LLCs, each LLC holds a single real estate asset. 1 of the LLC also acts as a management company for the entire portfolio.Now it creates a problems that with each LLC, I need to file a tax return each year. and so far I am doing them by excel copying numbers from bank statement, which is a nightmare.Quickbook online charges $24 each month in Canada, which really adds up with the number of holding LLCs. and I don't feel like what I require from it justify the cost.

By year end I will tackle a MF, value add with my son that would be sweet if we can swing the coop/tic (handling the finance challenges is the hurdle) so he ends up with a unit at below 50% of retail.  

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

It will be highly dependent on the district and licensing.

Thank you for posting.  

Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

Though my last visit turned me off with the traffic and prices.

Other wise, it is being counted against you twice, once on the personal level and on the business level because you profits have been reduced by those payments.