Good contractors don't walk off jobs and they can justify their bid with a written estimate showing cost of materials and labor so you can compare it with any other bid.

So yes, you need to set aside enough money to pay future taxes.Taxes are calculated only on your net profit - i.e. after everything is deducted, including labor & materials, holding costs, financing costs and business overhead such as marketing and driving. 

Under this rule, if your average stay is seven days or less and you materially participate in managing the property, you can treat it as non-passive income and potentially use tax losses (like depreciation) to offset other income.

Hey Thomas, seasonality may be a factor but you may just need to switch it up with new marketing material as the old may have been seen before.

To qualify as a real estate professional, a taxpayer must meet both of the following criteria:Taxpayers perform more than 50% of services in real property trades or businesses in which they materially participate.

If not, do you materially participate in the syndication or are you simply a limited partner?

Updating the interior is costing me $63,000 for demo, installation, and materials.

I own a GC company and have guys with plenty of ground up/new construction experience so I'd save labor and material costs.

flipping is very tough right now - materials are expensive, good contractors are booked up, interest rates are high, buyers are picky. 

If you mount the new beam below the ceiling $1500 material labor...if you put it up into the floor joists above $2500-3000 (meaning so you can't see the new beam once the ceiling on the drywall is repaired)  Figure another $65-70 per sheet of drywall needed for repairs.