Still unaware of the correct questions I should be asking also.Thank you for your time and for being a BP member, I'm really enjoying going through the forms here.

They can ensure you maximize deductions and handle taxation correctly.

FL is going to correct, its already started.

Many regular agents would not know how to handle this without asking their broker..I assume you contacted the seller after the listing expired, correct?

@Jack PinardSend me a PM and I can send you my resource guide - it doesn’t format correctly when I put it in here

Making sure I understand correctly on this other part.

If the numbers are correct in your example, there is no way it could work.I would say for 99% of cases, a revenue valuation is not viable. 

In all dense areas, ADU apartments are going up left and right to cure a housing shortage so if you have that much room and the city would approve, it could be a huge windfall done correctly.

I high-5 those who are doing it CORRECTLY as some have detailed here.

The codes can definitely be a bit confusing. 1st and foremost it's important to ensure you are using the correct code!