What others have said but additionally, pretty sure meals are only deductible at 50%.

When I give the repair bills & purchase price to my CPA, how will this differ from my typical expense deductions, since this is such a huge expense (for me thus far) and the house will have been a work in progress all of 2024?

Does that mean I forfeit any right to make any deductions for damage and must return the whole deposit?

For these properties, I’ve calculated the Net Operating Income (NOI) based on 100% occupancy, then subtracted approximately 33% for expenses.Storage 1Unit Number: 105Size of Land: Litter under 1acre, probably not expandablePopulation: about 34K within 3 miles,Population Growth: 2-5% per yearTraffic Count: about 4KRent at 100%: $110KProjected NOI after deducting 33%: $73.7KAsking: $900KOffer price: $730-780K?

That way if they cause a loss, their insurance covers your deductible. 

(Note its typically reduced by the percentage, so as an example if you pay 90% - $90k for a $100k loan, and the UPB was reduced by $1,000 - you get a $900 deduction not the full $1,000).But let's take a deeper dive into a LSA and some of the key areas - Specifically the section called "Representations, Warranties & Convenants" For both the buyer and seller. 

Solid equity position, a deduction, and cash flow

This could boost your cash flow without relying on stock market returns (Which can be volatile)2.Real Estate Professional Status (REPS): If you’re leaving your W2 job, qualifying for REPS can allow you to deduct real estate losses against your ordinary income, giving you a big tax break.3.Cost Segregation: This can accelerate depreciation on your properties, creating significant tax deductions.

I set my deductibles at 5% as i only intend to use insurance for large losses.

@Alecia Loveless, I think what you have to lose by taking an action like that is potentially deducting the value of those items from what they owe you.