This is why most properties are 'bought' with a lease-hold contract of x years + y years extension (mostly 25-30 years + 25-30years extension).Bali is an organized wild-west with a lot of opportunities, that's for sure.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Good Morning all, am in the process of selling my coop first per loan officer and will be buying coop (2bedroom) pending sale of unit on contract we signed- my question is when I do my taxes will I be hit with anything ?

For some buys,  ARVs of March-June (especially June here which is the best price point for sales) are what I am looking at for a project that will go to market in September and possibly not contract til October/November.  

**Legal Documentation:**You'll need to work with a real estate attorney who specializes in condo conversions.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

First determine what your legal requirements are.

Is it as simple as signing paper work to transfer it or does she have to legally sell it to my LLC and if so what would we be looking at as far as being taxed on it?

@Hares Najand here's our thoughts as a PMC:1) Turnover Fees Transparency:- What does your contract with them require them to provide? 

There are new laws affecting California transactions in 2024, some of which are very relevant to investors and house flippers.According to the California Association of Realtors, starting July 1, 2024 most 1-4 unit properties that are resold within 18 months (aka flips) must disclose:- repairs, renovations, room additions and structural modifications that were performed by a contractor with whom the seller entered into a contract- the name and any contact info for the contractor for any work over $500- any permits obtainedSo you still can be an HGTV star, just make sure you do it by the book. :)Have any of you flipping in the Los Angeles area been affected by these new disclosures?