Here security deposit and most of the first month's rent are supposed to be paid by NJ Victims of Crimes.Fast forward now:- she did not pay her rent of January.

My question is do I have to recapture all the depreciation for tax in 2025?

Now, this would obviously be negatively cash flowing since you would need to pay taxes and insurance.

The contributions are lower so it takes a while to build, but once you do, it's tax-free investing. 

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

Your actual property taxes alone on that will be over $10K a year in 2025 and don't forget about that supplement tax headed your way.I would suggest keeping the others and maybe changing to LTR if that will give you consistent cash flows.  

Hey @Thanh Lu, we don't do much direct bookings but we do have a $500 security deposit.

Also, I believe the tax benefits are horrible compared to the states, but I'm not too sure.

In that case you might save taxes building with them.

If I have no mortgage the cash flow is more secure.