Hey all, after a property stand up and rehab last week, I find myself with tons of receipts.  This hasn't really been an issue before since I was only working on one project at a time.  Any tips/tricks or app recommen...

This is why everyone who is a landlord in NY should write the Governor and inform him that you will be taking as a CREDIT (not deduction, big big difference) on any lost rent and any and all damages and legal fees when you finally get to evict again from your  NY State and local taxes this year.See how he likes that that.The unfortunate thing is everyone is trying to escape from New York and unfortunately they will be trying to move to states that don't have Communists as Governors.

The building used an escape clause in our leases to terminate them if the city determined them to be code violations.  

The arbitrage deals have had to shift to longer stays but if you followed my advice (which I doubt you did) then you'll realize that I advise to look for more stable Non-Tourist markets where people rent STR's year round for work more so than travel and fun.This post was to hopefully encourage people who are "landlords" (p.s. not me) to not be so hard on their tenants who are having a hard time, holding people accountable for money they no longer have is a great way to drive them into irreversible debt and financial hardship, of which I have experienced at one point in my life and know how hard it is for the average person to escape that kind of rut.

(election under section 266) You can also review Publication 535 page 24Here is a good read on the topic:https://www.currentfederaltaxdevelopments.com/blog/2019/9/28/do-taxes-on-investment-real-estate-escape-the-10000-cap-it-seems-likely"Carrying ChargesCarrying charges include the taxes and interestyou pay to carry or develop real property or tocarry, transport, or install personal property.Certain carrying charges must be capitalizedunder the uniform capitalization rules.

Get a property manager to clear that rental out and if you buy more in the future, leave it to a PM.And too many people use the bankruptcy escape when they're down. 

Just a FWIW  comment there is one big MF syndicator i am aware of .. name escapes me at the moment.. but they raise all equity and have no debt.. 

I also know that most of them will never escape poverty through a handout.

@Collin H. people travelling distance for temporary stays, that are not essential, means they are likely being less socially distant then if they stayed put, and is the behavior most are recommending is stopped.I'm not sure where your vacation rentals are, but many VR areas are not accepting non-locals as the areas have fewer hospitals and related capacity, so a surge in people escaping cities would overwhelm local resources and hospitals.You have a bizarrely cavalier attitude in this wildly unique time. 

I’m finally at a point where I have a good amount of capital saved up and have done enough research to where I feel comfortable taking my first step towards financial freedom, hoping to eventually escape the rat race, help my parents retire, and set up my family for future success and wealth (I know, how noble of me!).