Probably just hold on to the ground and sell as a shovel ready site.

Assets identified in this study include:Building systems: water heater, electrical distribution, HVAC, plumbinPermanent Fixtures: windows, doors, bathroom fixturesStructural Components: Roof construction, drywall, wood framingInterior Construction: Wood flooring, stairs, ceramic tileThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

Condos are always tough to get things lined up with HOAs and assessments considered.Have you checked the data from STR sites like AirDNA, Rabbu, and Mashvisor?

Your insights were incredibly helpful and have given me a new perspective on the process.I appreciate the time you took to explain your approach, and I’m excited to apply some of your tips to my own investments.Thanks again for being so generous with your knowledge!

They must pay the market rate, the same rate you officially list for the property.The good news is that you staying in your STR for the purpose of making repairs is not personal use.

His comment on costs was $4k-$6k but I have no idea what that includes and I think it was a guess having no foreclosure experience in AL.Do you have any good web sites I can read about the process or anything else not immediately obvious?

Start visiting building sites so you can meet the trades and see finishouts in different price ranges. 

Good tip on the cost plus vs fixed price!

I did find a couple of investor friendly insurer options on this site so hopefully that bears a couple good options.