I posted briefly about this back in July or August before we closed, but thought I'd write a little update because it's been an interesting ride. 

If the lease auto-renews to a month-to-month, then you can post a letter on their door (take a pic) or send it by certified mail with a signature required with the new terms starting at the appropriate times based on the lease.

Keep us posted.

In Texas, there’s no state income tax on rental income, but LLCs have formation and annual fees.This post does not create a CPA-Client relationship.

Additionally, if your goal is to maximize personal financial benefits, consider profit distributions from the property-owning LLC, which may provide tax flexibility depending on your situation.By adhering to FMV, maintaining proper documentation, and structuring the lease agreement carefully, you can optimize tax benefits while staying compliant.This post does not create a CPA-Client relationship.

@Ajay Bodas I have heard the same recommendation from my 1031 Intermediary and tax guy, but they both also said, "It Depends"... following this post to see what some other smart members know!

Hopefully your post gets some local eyes on it and you get the numbers you seek.

However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.

Not likely.Maybe some of the tenant acquired their own washers and are using them for cleaning but your dryer for drying.Get a security camera and mount it in the area and post signs saying the same.

Hi everyone,It has been awhile since I have posted on here, but am excited to get back in!