So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

I second this, I use rentredi for my personal properties and it makes life super easy.  

I'm not a property casualty agent (was a long time ago - now just life/health).

Sewer line is clay and needs to be updated soon, roof is also toward the end of its life at 20+ years.

Hey Richard I have a Sub 2 deal in Akron perfect for STR. 6k entry fee 6% interest 165k balance. 

It is a TON of work but you only need 1 to 2 deals per year to live the good life.

@Kevin Duke Since Subject A’s $6M net worth is below the federal estate tax exemption ($13.61M in 2024) and Florida has no estate or inheritance tax, Subject B can inherit the property tax-free with a step-up in basis to the fair market value at the time of death, eliminating capital gains tax if sold immediately.To avoid probate, Subject A can use a Lady Bird Deed (Enhanced Life Estate Deed) or a Transfer on Death (TOD) Deed, which allows automatic transfer to Subject B while retaining full control during their lifetime.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

They will rationalize it away but it keeps them and us from experiencing the richness of life and growing.

It starts with doing 10-20% of the work and paying much lower taxes.