Old home built in 1920 with original painted wood siding covered by aluminum (which seems to be costly these days).

Typically if no one bids on the property, they will initiate a price reduction on it.

Keep in mind the potential for higher renovation costs due to older properties and the local landlord-tenant laws.Good luck! 

There are ways to mitigate the costs and protect yourself to the extent possible.

We just gave our tenants notice that we are planning to move into the rental they are leasing from us.  The lease expires March 31.  This gives only 56 days of notice, we just realized the bill requires 90 days notice...

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

I can see an explicit exception in CA Tax Code § 17561 that says you can not use the qualifications in Section 469(c)(7) (Real estate professional) to render that income as non-passive, but I see no callout for 1.469-1T and, as such - as a non-CPA - I do not (yet) see a reason why we cannot follow the same rules for CA that we do for our federal taxes; e.g., if the business is not a "rental" business per tax code, we count that income as non-passive and offset other income (W2, etc) similarly.Does anybody else have some guidance (or opinions) on this matter?

Costs include a conversion fee, potential property upgrades, and legal expenses.

Hi. I inherited a partnership in a 22 unit commercial building with 8 restaurants, a grocery store, a couple of personal care services, and various other businesses. Rent is around $130k  per month. I was surpriesed t...

To avoid these costs, a common strategy is to set up a land trust to hold the property title.