I have one there that is going gangbusters since last May, and am always looking for more. the area in general really bounced back and Chalet Village, hit real hard by fires, is undergoing tremendous rebuilding.

Is there any way that I can keep the deck without demolishing it since to rebuild a new one is pretty expensive?

@Chen ZhouAwesome story Chen- I think you and I feel similar- I sorta fell in love with the rebuilding efforts of Detroit (my wife and I are in Tahoe not too far from you) we started right before covid, it slowed down process, since contractors disappeared but we found someone who worked well and now we are almost ready for our next property there.

Are there any tax efficient best practices on tearing a unit down, rebuilding a new unit on the same lot?

In California in the property tax bill you can see sometimes the land is 90% and the structure is 10% but the reality to rebuild the structure can sometimes cost more then the house purchase price.

This plan should include budgeting, debt management, and investment strategies to help you rebuild your financial situation over time.Professional Guidance:Consult with financial and legal professionals who have expertise in real estate, taxation, and insolvency issues.

I settled by paying them off in one lump sum, so I essentially saved 65% of the loan balance by doing so.. clearly this is detrimental to your credit thought but For me, we chose to use my partners name (we are engaged not yet married) for the mortgage of our 1st MF property which would give me a chance to re-build my credit and in 3 years time we will be ready to invest in our 2nd MF (and we will be married by then).  

Need the age, purchase price, sqft and price/sqft rebuild cost in your area.  

They might think the land is valuable to a rebuild investor, or hope that transplants from California will justify the price tag/repair value because it's cheaper than what they're used to seeing. 

And also work on re-building my credit.Any and all suggestions would be greatly appreciated.