The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.

Yes, Oklahoma is a great market to consider, especially for multifamily properties:Affordability: Oklahoma City (OKC) and Tulsa have duplexes and small apartment buildings within a reasonable price range.Landlord-Friendly Laws: Makes property management less stressful.Stable Cash Flow: Properties in Oklahoma often meet or exceed the 1% rule, providing consistent rental income.Growing Economy: Both cities are seeing population and job growth, boosting demand for rentals.Tips for Getting Started:Do Your Homework: Use tools like BiggerPockets calculators to analyze deals and ensure cash flow.Focus on Neighborhoods: In OKC, check areas like Yukon, Edmond, or Midwest City.

California's probate rules can be drastic in the event of death that having a proper estate plan in place can help in any number of situations, including if just traveling or incapacitated.These are all things you will want to discuss with your attorney and CPA.

Purchase price: $160,000 Cash invested: $35,000 Purchased this property as a turnkey investment at the 1% rule moving equity from another deal.

.- The CA rules seem to have many rules related to financing such as seller must include appraisal, no balloon payments before 10 years, etc.

However, if you sell instead of rebuilding, the IRS may include part of the payout in your taxable gain unless reinvested under the §1033 involuntary conversion rules, which allow you to defer taxes by purchasing a similar property within two years.If the property was your primary residence, you may exclude up to $250K (single) or $500K (married) of gains if you lived there for at least 2 of the last 5 years, likely resulting in no taxes owed.

Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.

Sharing understandings and rules on guests, cleanliness, chores, pets, drinking, drugs, boundaries, house identity, conflict resolution, communication platforms, etc.

@James Syed I am not familiar with your county rules.

Based in Tampa, I have a lot of knowledge in Pinellas County rules and regulations as well as best practices/highest returns.