Investment Info:Condo private money loan investment.

Had to spend additional money to get everything fixed.  

That's tough to do, even in California.Even if you borrow the equity from your current property, the bank doesn't give you that money for free.

He asked a few people to send him money in Bitcoin.

With less experienced or just poor planning operators, it isn't uncommon that they spend years distributing all the cash out to the owners, and then the time comes for a multi million dollar refresh to maintain the hotel brand, and no one wants to cough up the money back into the entity.

Nor am I going to try and make a commission selling you real estate or lending you money.  

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

No matter what you do I think you are going to have guests point out that something isn’t working which could lead to annoyance or requests for refunds or bad reviews.Plus, providing bottled water over the long term probably isn’t going to save you much money compared to paying a plumber to get the fridge connected. 

@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it. 

Real estate investing is forgiving; the average person can still make money even with some big mistakes.