You do not need an appraisal if the property is:Nonpublicly traded stock of $10,000 or less,A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale,Qualified intellectual property, such as a patent,Certain publicly traded securities described next,Inventory and other property donated by a corporation that are “qualified contributions” for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, orStock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business.Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283.

I have been fortunate in finding a lender that is closing a deal tomorrow that will give upfront rehab funds, but thats out of the ordinary.

@Mike Landryif I were you I would just have you as a single member, LLC.  1 - You could still have the ocational business dinner and write it off the rule is "reasonable and ordinary" on meals and entertainment expense for IRS.  

Since the gains are short term capital gains and will be treated as ordinary income, should the sales transactions be reported on Sch D Part I for short term capital gains held less than one year?

The general consensus is that it may more beneficial to have businesses that generate ordinary income that is subject to self-employment tax within an S-corp and buy and hold rental real estate within an LLC.

@Roger DeweeseWith a Roth there is no taxes so you are not trading LT capital gains for ordinary income.

Hi all,I’m an airline pilot who owns a number of rentals and intend to begin using the Real Estate Professional tax loophole this year in order to take real estate losses against my ordinary income.

Business lodging and meals and other business related activities.The expenses do have to be ordinary and reasonable as well.

Does it make sense to show up in a fancy car and wear expensive clothes when making deals, or does that make ordinary people feel hesitant to do business with you since it looks like you're making a killing?

They can deduct health insurance and other ordinary and necessary business expenses.