For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

There are a number of tertiary markets in Milwaukee County that I would classify as C+ to B- that offer a good mix of cashflow and appreciation, and our real estate market here is still looking healthy.

Not having losses makes the RE professional designation irrelevant.A single member LLC defaults to a sole proprietorship (Filing Schedule C or Schedule E) Schedule C is filed if it is active income which rental real estate is never classified.

@Natalie Kolodij So I have seen it classified as a consultant, a subcontractor on Schedule E.

hi Tim, i can see online that the property is classified as C2 which i believe the city of philadelphia reclassify c2 as CMX2. 

My wife is classified as an active real estate investor while I am passive. 

It is highly recommended that you keep your eyes wide open for ad classifieds posted directly by property owners as usually, this is where the hottest deals come from.

Online Classifieds: Explore platforms like Craigslist for motivated sellers advertising their properties.3.

This may open you up to the holy grail of tax strategies which is being able to be classified as a real estate professional designation.

It could also be that Allstate doesn't support umbrella policies on LLCs, as that could be classified as needing more of a commercial general liability policy.