In addition, the tax implications are better on a refinance which you will be able to deduct. 

Once the municipal/state requirements are all set, do a thorough screening for any prospective tenants, have a solid lease ready to go, and take move-in pictures to have on record for any security deposit deductions after they move out.

Then you pay your deductible.

I would have talked to them BEFORE cancelling the painter and given them the option of which way to go, but since you already cancelled the painter I would simply charge them prorated rent for the 5 days until the painting is complete and deduct that from their deposit.

It offers tax benefits, such as mortgage interest deductions and depreciation, reducing taxable income.

Make a $1,000 tax deductible donation.

However, Peerspace has $100 deductible for qualified damages which is not so great for minor damages, or even some damages that cause around $200-300.

.🤔 The title company wired the whole amount to us without deducting for the first lien or even catching that there was a first lien.  

But we already get deductions for maintenance, repairs, and improvements.

@Richard NguyenHere are some of the downsides of putting real estate into a self directed IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.