There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

The challenges in real estate teach you invaluable lessons that you might not gain otherwise.I also invest in Chicago, so I have a few thoughts in response to the questions you raised.

While I’m still in the early stages, I’m incredibly motivated to learn, grow, and surround myself with like-minded individuals who can help guide me along the way.What drew me to real estate is that I saw it as the best route for me and family to have financial freedom.

I’m here to connect with like-minded individuals, exchange ideas, and continue learning from this incredible community.

I recommend reading the book traction and following EOS - they have a one page business plan that is awesome to follow. any planner can work it's a matter of creating the plan and how to monitor and follow through with it which eos teaches

Even a small first step will teach you so much, and with your analytical mindset, I have no doubt you’ll make smart decisions along the way.

Sam, a property this size falls into a very weird situation where it’s not an individual mobile home but it’s not really big enough to be considered a park. 

I call the process "thinning the herd", and each year I evaluate the property performance and either take actions to increase the individual property performance or sell the under performer. 

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

I love renting my 3 bed houses to individuals on disability.