The proforma will have numerous data points that require research: rents, operating expenses, city impact fees, build costs, soft costs A&E.

Thanks,Does Darrel Richardson have an E-mail?

It means you need to file/pay state quarterly taxes (B&O Taxes) on that Income and report a Schedule C business now that you pay SE tax on vs. no SE tax if that income would have stayed on Sch E as rental income. 

@Ryan E.

Looking for a local agent/broker in E.

The tenant isn't borrowing money from you by paying on the 7th of the month, nor are you not enforcing your lease since you're issuing a pay or quit notice.I'm positing a different approach, one that comes with a letter, text, or e-mail, whatever your preference may be, to soften the blow of that notice.

Hey @Steve DellaPelle - I'm not speaking from personal experience here just my opinion, but I'd say that this depends on how heavily weighted each benefit is to you.

@Matt Radhe what @Ryan E. said is pretty accurate in my experience.

@Joel SchanbacherThis appears to be a tricky question because this doesn't happen to often.I would do the following if I was working on it.I would report one activity on Schedule E for the property that you have listed.Report the income/expense items ONLY when the property was listed as a rental property.In regards to depreciation - I would list the asset during the year that it was a rental property and then I would "retire it".

Myself with 6 inch thick tax returns and no NON commercial underwriter can really under stand them LOL  its frustrating no doubt. but it was necessary to protect the industry.as @Chris Mason  a great private RMLO is worth their weight .. we use one in Oregon for our deals here I would never go anywhere else.. been 16 years with same person..