The concrete patio in the backyard is slanted towards the house and water is pooling along the house, growing algae in it.

If you live in the rental for two full years of the prior 5 year lookback period, then there is no capital gains tax.The issue is that any depreciation that you took (or should have taken) on your tax returns during the years it was a rental becomes ordinary income to you in the year you sell the house.

There are various stuff that you can deduct.Rather than giving you the list, first let me say that you can deduct expenses that meets these two criterias: Ordinary Course of business Necessary in the course of businessHere are the list some of the items: Mileage: any mileage that is associated with rental activity.

So that moving from state to state would only work if they were more than 50 miles apart (with a few caveats) but my quick google map search shows they are pretty close together.To reduce that short term gain taxed at your ordinary income tax rate, I highly recommend finding all documentation related to the purchase to establish your basis.  

if he is licensed he should understand all facits of the business.. on an accounting side its ordinary income. when your in the business of short term lending.And on the legal side your partner should have that handled. 

All new drywall, ceilings, recessed lights, carpet, tile, bathroom, ductwork, driveway, patio, and hot water heater.

So yes, you want to lock in a fixed mortgage at low interest rates sooner than later - but, not at the expense of an "ordinary" deal!...

so depending on your tax situation ( and most people don't ask this up front) you could sell and even break even but still have a pretty big tax bite that would be taxed at ordinary income rates ( I think ) .. so one really needs to think landlording through in detail.. no one mentions this I have been on BP now for almost 4 years and I have never heard one person talk about the exit and what is all involved.  

In Mtn View, landlords were adding charge station, USB charger, CAT 5E etc to get $3-4K for 2 BR unit/apt etc from 2K ordinary looking unit.

Kiyosaki's true genius is spinning 2-3 paragraphs of very ordinary (and banal) financial platitudes into a range of books.