Or does it make more sense to try to declare bankruptcy or some debt consolidation firm.

The owner has suffered from medical issues and is now declaring bankruptcy.

proof of atty:I hereby declare ______ as my attorney in fact to deal with _____ property, including, but not limited to blah blah blah with loan blah and including all rights of transfer and encumbrance.That's terrible verbiage, but they're simple.  

@Alyssa LebetsamerUnless the basement is mentioned in the lease, I bet a judge would declare it part of the House.

As an S Corp under the LLC, you can choose to declare whatever amount you want as self-employment tax, where as the Partnership LLC, requires all partners to pay full self-employment based on your shares of the company.  

Start small if you are afraid of failure, don't put in more than you can afford and you will build your investing muscle one property at a time

I'm still declaring my income but Building ABC looks really great doesn't it?

In some states you pretty much have to declare you are an agent in about 10 words or less from when the call starts.

Let's say you are paying $1,500 for your apt now.Let's also say you will wind up paying $500 for your rent after your purchase and you moved into the CHEAPEST apt.While this can be construed as a NEGATIVE Cash Flow situation, overall, if you reduced your rent from $1,500 to $500 per month, you have actually IMPROVED your personal cash flow by $1k per month.Not only that, you will have a tax savings as well.You will declare 3/4 of the building as a rental property and 1/4 as a primary residence.The rental portion will most likely give you a huge paper loss, reducing your tax burden.

Hi @Charles A. and all on this thread I started a long time ago on utilizing your dead equity.At the moment I have vastly forced appreciation on all my apartment complexes and have 4 vacancies out of over 200 units and have won every eviction case and the judges are tired of the lying about Covid for these tenants and they did not follow the CDC guidelines to declare etc...