I'm making two assumptions here - it will take you a year to get the tenants out, and so you are cash flow negative for a year, and that year of negative cash flow is a lot less than the loss in sale price you will need to take to get it sold as-is. 

In this case, the LLC will file taxes as a pass-through entity, meaning the income or losses will be reported on your personal tax returns, and each partner will report their 50% share of the profits or losses on their respective individual tax returns.To make sure you’re doing things correctly, I recommend consulting with a CPA who specializes in real estate investments, as there may be strategies to mitigate tax liabilities or specific deductions you can claim related to the flip.

I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes.

If your AGI is over $150K, passive loss limitations may apply.Setting up an LLC is straightforward but consider state fees, tax implications, and liability protection when making your decision.

That was fun.Because of this setback limiting my ability to leave my house, I sunk more time into my YouTube channel where I’m seeing exponential growth and am on pace to make over $6k this month from ad revenue alone.Life is good.

Buyer as ghosted me as I suspected she would and now I've loss 30K with no way to collect.

My accountant's office called me the other day and let me know that I could amend my 2022 tax return and claim losses due to Hurricane Ian to a primary residence property and a investment property. 

Ask me privately.Financial Highlights- Gross Potential Rent: $98,061 per month ($1,176,732 annually)- Total Income (5/1/2023-4/30/2024): $1,357,459.80- Net Operating Income: $896,896.09- Existing assumable loan: $6.7M at 5.38% fixed rate until 2029Value-Add Opportunity- Partially renovated property with potential for further upgrades- Current loss-to-lease suggests room for rent growth- Opportunity to implement operational efficienciesMarket Dynamics- Huntsville's population grew 9.4% between 2020 and 2023- Strong job growth, particularly in aerospace and defense sectors- Significant multifamily supply growth (15.9% inventory expansion in past year)Investment Strategy- Assume existing favorable financing- Implement value-add renovations to drive rent growth- Capitalize on Huntsville's robust economic expansion- Target hold period: 3-5 years to align with loan maturityRisks and Considerations- High market-wide vacancy rate (17%) due to recent supply growth- Potential for market softening due to rapid inventory expansion- Property age may require significant capital expendituresThis opportunity offers a blend of stable cash flow from the existing operations and upside potential through strategic improvements, all underpinned by Huntsville’s strong economic fundamentals.ⓘ This is not an offer, solicitation of an offer, to buy or sell securities.

If you plan to use the property for a month, you will likely not be able to utilize the losses since it will be deemed a personal use property.

They are now selling resulting in a 100% loss for investors.