This includes mandatory structural inspections for buildings over 30 years old and the elimination of the option to waive reserve contributions.

This does require owner occupancy of both units for at least a year for condo application submission, but also assumes a number of other things including that nothing was performed with respect to prior historical tenancies that would disqualify you from a condo conversion.While the aforementioned would be ideal, it would be all for naught if Planning determines that if at any one time the ground floor was rented in the past.

Get as much understanding and disclosure as possible on the closing fees and escrows that will show up on the settlement statement - including stuff like prepaid interest ("stub interest"), tand and insurance escrow holdbacks, etc - biggest pitfalls we've seen are people not 1000% clear and aware of these things then getting very negatively surprised at the day of signing 

We just recently faced this, but the HOA included even LTR!

These include utilities, insurance, repairs, maintenance, mileage, and other related costs.Pre-rental interest is not deductible as a rental expense, but you may be able to capitalize it as part of your property's basis (adding it to the cost of the property, which can then be depreciated).Property Taxes - Deduct the portion related to December 1, 2023, and onward as a rental expense.

It is vital to ensure you and your wife genuinely meet all the requirements, including material participation.

Since the HVAC includes heating, I also needed to pay for a heat pump permit, bringing the total to $290.I scheduled a virtual inspection for this morning.

Here’s the breakdown of your situation:Capital Gains: About roughly 45.53% of each payment (including the down payment, annual payments, and balloon payment) will be taxed as capital gains, and the rest will be considered a return of principal.Interest: The IRS requires interest to be charged.

Here’s the situation:Key Project Details:•Property Size (pre-renovation): 250 sq. meters (2500 sq. feet)•Purchase Price: 250,000 EUR (1,000 EUR/sq. meter)•Renovation Costs: 750 EUR/sq. meter (includes kitchen, appliances, quality furnishings)• Loan costs (during renovation and renting): 350 sq. meters (due to attic expansion)•Property Size (post-renovation): 350 sq. meters (due to attic expansion)•Post-Renovation Layout: 2 separate apartments•Airbnb Income (24 months): 2,500 EUR/month/apartment (= 5,000 EUR/month)• Other running costs: 600 EUR/month•Projected Sale Price (after 2-3 years): 850,000 EUR (approx. 2,500 EUR/sq. meter)•Closing Costs: Negligible in Tbilisi•Real Estate Agent’s Fee: Typically 3%, but negotiable based on who hires themFinancing Setup:•Property Purchase Financing: 100% bank financing at 5.9% interest (bank has even financed 150% to cover some renovation costs in the past)•Renovation Financing: Our friend is offering to finance 250,000 EUR in cash for the renovationsProposed Partnership Structure:•Work Involved (on our side): Full renovation (10-12 months to complete), furnishing, and property management through Airbnb until the sale (2-3 years)•Profit Split Proposal: 60% (us) / 40% (friend providing renovation financing)Questions for the Community:1.Does the proposed profit split (60/40) seem fair, given the work we would handle (renovation, furnishing, property management)?

I wanted to let you know that I have security cameras installed around my property, which allow me to monitor activity, including the tenant’s comings and goings.