.- Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC Thank you Pat!

Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

I would rather rent at a slight loss than to be vacant for an extended period of time.

It doesn't feel right to take a monthly loss on an investment property but it could be worth it for the short term. 

If the STR is placed into service at the end of the year, they can use the paper-loss from the STR to 'potentially' offset other forms of income such as wages, interest, dividends, etc.Best of luck

Sometimes a casual conversation can spark the next big move.Looking forward to connecting,Pat- Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

Talk to your insurance company - depending on your deductible and potential increase in future insurance you may or may not want to put in your own claim.I would also probably consider cutting my losses and getting rid of the tenant asap.

Additionally, it fits into my broader vision for the area, which includes developing adjacent land into 12 patio homes and two duplexes, creating a cohesive and profitable portfolio while enhancing the local community.

In a short sale with a partial claim, your first lien position with the FHA loan takes the loss so the claim can be paid in full.

The property was acquired with the long-term vision of capitalizing on the nearby development of a casino, expected to attract workers and residents.