Educate yourself with books, podcasts, and market research, define your goals, and build a team of professionals to support your journey.

- Run a cost segregation study on this property in 2024 and you might have $100k on line 18...Without diving too deep on this post - If you run this scenario as a real estate professional while materially participating in the property, You'll be able to reduce your's and your spouses taxable income that year... 

Hello all,Has anyone sold a short term rental owned over a year  as a non real estate professional that qualified as short term capital gains tax deductions with expenses and depreciation?

The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

I know some solid professionals in this area if you need some referrals. 

General Contractor - Look for someone experienced in renovating older structures common in Baltimore.

You can determine if the cost segregation study makes sense by speaking with your accountant and many cost segregation professionals offer a free analysis.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Is your Realtor an experienced STR host (more than likely, no).

Painting, for instance- an amatuer could take their time and paint a house over the course of a couple weeks and do a great job, but a professional crew could do the entire job in a day.