Generally, a loss can only be claimed in the tax year when the investment becomes completely worthless or when there is a final determination that no further value will be recovered.If the REIT has officially liquidated, been declared insolvent, or issued a final report confirming that no additional distributions will be made, you may be able to claim the loss on your 2024 tax return.

What is as important is that you require the insurance to be issued with you as the landlord as "additionally insured." 

Finding borrowers won't be an issue, so I wouldn't worry about that piece, just making sure you have an agreement you are comfortable with and borrowers and properties you are comfortable with.

We had a record breaking online attendance this week, hope to do the same next month:  Top 10 Title Issues Real Estate Investors have to solve with Accurate Title

However, the biggest con is that you are sacrificing a bit of your privacy by living right by your tenants and it is usually a lot more stressful since everything is your responsibility - managing tenant issues, handyman repairs, taking care of the lawn, etc.I would strongly recommend house hacking especially in the Columbus Ohio market!

The timing does suck because this issue came out of nowhere at the end of their lease.

Not having them can create issues when selling later.Over-improving for the Neighborhood – Be mindful of your area’s home values so you don’t invest more than you can recoup.Ignoring Structural & Mechanical Issues – While cosmetic updates are fun, addressing foundation, plumbing, electrical, and HVAC systems first will save headaches down the road.For the best return on investment, focus on:Kitchen & Bathrooms – These are the biggest value-adds for a home.

I had a similr issue a few years ago with a property in Cleveland where my property manager hit the same roadblock.

I also wouldn't touch hilltop with a 10' pole. struggled. old homes, over budget renovations, lots of issues. realtors push people here since it's the only place cheap houses close to downtown can be good but homes are 1900-1920.

Your biggest issue is that $50k may not let you get a nice house and have any reserves.