Quote from @Bill B.: @Daria B. it sounds like you were the seller, you have the credit, and you did a 1031.

Quote from @Bill B.: Shouldn’t be a gain, but your cost basis will remain the same if only insurance money is spent rebuilding it.  

if they think every property on Zillow is a 'deal' then something is wrong.you got great advice and a ton of time invested in responses from @Bill B.as he pointed out - there's basically no cash flow in long term rentals now. anywhere. not even in those supposed ATM mid-west markets. 

.- If you chose to set up your LLC as a pass-thru entity, then you will need to supply your SSN.FYI - to avoid getting nasty letters from the IRS about errors (which might cause us to be audited), we will ask for a copy of your EIN assignment letter or a copy of your SSN card to confirm those numbers.

Unless you're an idiot, and if you know you're one then stick to something really vanilla like VOO, SCHBB, QQQ, IYY and some T-Bills.

I would send them a bill now, not 30 days from now, outlining the charges, even if they are just estimates.

They also discussed a capital call but instead decided to borrow more money to pay the bills.

Ending conservatorship presents an opportunity to improve market liquidity, access to mortgage credit and, perhaps most importantly, boost home and apartment construction.Investor Bill Ackman has a fantastic in-depth presentation on why we should end the conservatorship, which is a must-watch.

Quote from @Bill B.: Sorry, no can do…For all you know the “rent app” sides with tenants.

Be humble, hungry, hard working, and find a W2 to pay the bills while you build up your business.