Consulting a real estate CPA and an asset protection attorney is recommended to determine the best approach.This post does not create a CPA-Client relationship.

If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

I was clueless and didn’t know what I was doing, but was determined to make 10k/month profit off RE.

I put together a table of these options along with pros/cons to determine the best course of action.  

I would recommend fixing it and then determining whether or not to sell based on cash flow and profit after the sale.

Just remember, it's a challenging journey that calls for commitment, determination, and a mindset that's open to growth.

The reason why I ask is because that could determine what loan options are available to you (and interest rates). 

How did everyone determine the name for their business2.

However, that doesn’t mean there’s no demand for affordable rentals—you just need to determine if your home fits the local rental market.

Generally, a loss can only be claimed in the tax year when the investment becomes completely worthless or when there is a final determination that no further value will be recovered.If the REIT has officially liquidated, been declared insolvent, or issued a final report confirming that no additional distributions will be made, you may be able to claim the loss on your 2024 tax return.