Further, these “asset protection” methods are under constant creditor attack through the courts, meaning they are probably of benefit only a short period of time, UNLESS, true CONTROL of the asset is given up.  

My agent, for instance, called me just days before a storm to remind me I could still bind policies and even updated some coverage to ensure I was fully protected before the storm hit.

Essentially a land flipper is actively seeking out properties to buy for a bargain and then aggressively marketing the piece of property to turn a profit.The flipped land can be sold for cash, but more commonly, flippers make money by offering the buyer financing and allowing them to pay the land off over a set period of time, with interest.

But knowing its value is key for taxes.IMPROVEMENT VALUE:This is the value of all the upgrades you make to your property – like a new roof or an updated kitchen.These improvements can be depreciated, which means tax savings for you.3115:Filing this form can allow you to claim missed depreciation from past years.Basically you are letting the IRS know that you are moving from the standard deduction to an accelerated deduction.RECAPTURE:It's payback time!

In most places you are required to make a good faith effort to fill the vacancy and if you fill it prior to the end of that period you prorate what is due.

While you may be eligible for a tax exclusion of up to $250,000 ($500,000 if married) on the sale of your primary residence, any period during which the property was used as a rental is considered "nonqualified use."

OP the option period is just your due diligence period. in Texas its common to put up 100.00 non refundable for a 2 week option.. if you dont like it you back out and lose your 100.00

@Ben Magee, In my state (PA) a tenant may break a lease WITH NO PENALTY if a unit is uninhabitable for an extended period and the landlord has been unable/unwilling to correct it.

The tenants won’t change the filters anyway so even if you have periodic checks the units will still wear out.

You wanted feedback so you could decide on your course of action before the summer.Any updates as to your decision?