You might need to use Schedule D or Form 8949 to report capital losses.Consult a Tax Professional: Consult a tax professional or accountant to ensure that you are properly reporting the loan modification as a loss in accordance with IRS guidelines.Remember that tax laws and regulations can be complex and subject to change, so it's crucial to consult with a tax professional who is knowledgeable about your specific financial situation and the most current tax rules.

If you are in a C,D or F neighborhood, may be worth filling in and making that deck!

Many of these areas, at a zip code level, are "D" or "F" areas but have individual pockets within them that are "C" grade areas with good potential return on investment.

You know nothing about the R&D or cost or time involved.  

It doesn't have to be completely finished to be "in service" IMO.As for your own labor, it is free, so you can capitalize it as $0 :D Or you can even expense it as $0 :D Doesn't make any difference!

Beware of 4 plexes in Vegas most are not in great areas Class DOr C 

And the properties are, more than likely, C-, D, or even F type properties.  

Sheriffs sale, courthouse, depending on state), then you need to determine if there are any liens that survive the sale, such as DOR state liens, IRS liens, tax liens, etc. 

The question I'm asking is: is your cash flow greater than if you had either 1031'd or refinanced your condos to purchase SFH in the same area as your MFHs?

I’m Dor, a 21 years old guy from Israel, released from the army not long ago.