Meaning will it wipe out the majority of your write-offs moving forward?

If you purchase a property, many of the costs on the closing statement are added to your basis.There may be some items that are eligible for an immediate write off such as pro-rated taxes, interest, insurance and hoa dues.

I have had good experience with probate properties, grandma house which family doesn’t want to deal with and bringing it to contemporary style.

I don't think you can go wrong if you have the liquidity and the market is strong. don't forget that hotels are built in the middle of nowhere brand new and do fine. if you want me to look more closely at it send me a DM, this is ours right here that we proposed so you can see the style but it's 81 residential units, 45000 sq ft, 6000 sq ft of retail, no parking. on your assumptions, your occupancy rate looks high. pull some hospitality reports in the market and see what it is. your exit cap looks about right for what I've seen in hospitality.

Look up my "I want to be just like you" handwritten letter that you can write.

Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

@J Corona they can write a check for the rent on his behalf.

If it's a loss its a loss, maybe I can write it off on my taxes or maybe our story saves others from a similar pain.

It takes several hours to write the Skeptical Dude article, and they will always remain free.

I could write pages about how terrible this has been.