Here's the situation:- Had a pipe freeze during a cold snap, led to fairly extensive damage during the thaw (ceiling collapsed in 3 rooms)- Filed insurance claim, was covered- Have a contractor that wants me to buy 3 other properties from him, so he fixed it for me at cost- Deductible is $5K- Actually ended up making money somehowMath:   - Cost from contractor $22K  - Cost insurance came back with $29K  - Deductible $5k  - So I actually made $2k ( 29 - 5 = 24 [check] ; contractor cost 22)My question is how to handle on taxes?

On the flip side, every floor that ever collapsed, was a sagging floor before it collapsed! 

From February (pre-pandemic) to the bottom in May, sales collapsed 32.1%, as lockdown measures and widespread economic uncertainty took hold across the country.

Here's what I personally do:1) If there is an audit, that's not a 100% guarantee but it means they at least had to jump through a lot more hoops than a non-audited sponsor (and I feel reduces the chance of fraud by a lot). 2) Most Ponzi schemes prosper during bubbles and collapse during recessions.

I really could kick myself for not getting started in purchasing rental properties earlier when the market collapsed, but life has a way of getting in the way.I got started in investing in rental properties last year after reading Robert Kiyosaki's book (didn't we all) and listening to bigger pockets and other you tube videos.

Your lender made an error giving you 90% unless values are collapsing in your market. 

Besides a "bee problem" in one unit, a leaky tub on the second floor on unit causing a ceiling to partially collapse, and some vandalism to 2 A/C units... not bad on maintenance either. 

Our real estate market has already collapsed in tier3-4 cities..and the bubble is so big that I don't even want to talk about it.Thanks Franklin

I see lots of turnover, but certainly no collapse of any bubble.

There was a party on too many people got on the deck and it collapsed, I think a couple died and several injured.