Depreciation can create paper losses to offset rental income or passive income, and qualifying as a Real Estate Professional (REPS) or STR loophole can allow losses to offset W-2 income.This post does not create a CPA-Client relationship.

. :)  I am hoping to network with all relevant professionals in the field...especially like minded investors in my local area.

We had the plumbing break down and had to install new PVC plumbing Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Either way, you have a great resource of industry professionals her on BP, so I'm sure you are going to be fine! 

@Allison Levinesorry to hear this is happening to you  i would: 1. hire your own attorney if you haven't already.2. see if you can find other local investors who have gone through the same thing.

This was due to asbestos abatement, sewer line replacement, scope creep, and poor planning.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Finally- you can eliminate 95% of the troubles and risk by simply having professional and legal screening and management processes, so don't sleep on that piece. 

As a creative professional historically "allergic to math," I never thought I'd consider real estate investing, but life is full of surprises!

These are professionals with additional training and a stricter code of ethics.

This year is the first year I will qualify as a real estate professional and be able to take some aggressive deductions through things like cost segregation studies.