If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

1st tenant (that came with the house)- she is a Section 8 tenant and clearly knows the game better than me hence the prolonged delayed Marshall’s execution.I cannot have 2 Government assistance programs in the property at the same time since it is not a legal 2 family.

They are not always happy about spending money, but thank me when I get a higher selling price than what they expected.

This is day to day spending, rent collection, tax/utility payments etc. (1) account for all security deposits, (1) account for parachute fund, capex items etc.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

What should I expect to spend?

I wanted to be able to help educate people, especially the underserved community, about real estate, whether buying, selling, and assisting with the process of foreclosures and short sales.

Please DM me and I can walk you through the process if you need assistance on the filters.   

Review every statement, email them with questions, and ask how you can assist them.

I’d join the brokerage that is the best fit personality wise for you and spend all my spare time networking.