blabla re expenses vs increase of basis there after.tnx, curt i agree with you on basis thats how i would think it works  but not a CpA or expert all the props I have taken back in foreclosure and its more than a few.. thats how we came up with our basis when we finally resold. keep in mind we did not keep them for rentals as we are not in the rental bizz per se.. so if you keep them I guess you need to figure out basis to establish how much your deprecation is going to be.

If you haven't already, get a lawyer as it is generally a bad idea to be a pro-se litigant. 

Hi Emilio,I have connections to a few builders in SE michigan...Where is your land?

I think there is truth in making sure your kids education is top priority but I’m not sure that means Naperville per se.

How do you se the "rented" rooms?

Pro se or attorney filed, it's all the same. 

I'd definitely prefer to not be subject to SE tax if possible but wanted to make sure I do it right since this is my first return with STRs. 

Best of luck to you down the in the SE valley!

You knew the situation with the rental, lack of security deposit etc.So, with these costs factored into your plans right from the time of purchase, they are really just part of the costs to get the place rehabbed and you haven't "lost" anything per se.

Replacing carpet and paint just isn't complicated.and my point is like I said its not the book per se or BRRR lord knows I did thousands of them for clients.. but we had a much tigher control over the rehab.. then someone trying to do it for the first time out of the gate with people they basically just met..