The main items in our renovation are:New water main from curb and valveNew electric service and panelAdd bathroom + convert to full bathLVP in 70% of the houseInterior PaintingAdditional bedrooms in basementKitchenette in basementEgress(x2) in basementOur scope of work should create a great living space for us to grow into, but also provide a rental unit that competes (or even exceeds) the area offerings for medium term rentals.

Sure, gross negligence by the owner may create some, but that can be easily managed.

I do my own taxes with TT Premier, but I'm also a seasoned accountant and create my own schedules for depreciation and tax loss carry forwards.

When I come back I will deal with the attorney, may be he will disolve my trust and will create a new one.....

Connecting with like-minded individuals can be incredibly valuable as you navigate the world of real estate investing.

At that point we give the tenant a list of charities and agencies that will assist individuals who are at risk of homelessness so they can get assistance if they don’t have the ability to pay what they owe.I beg to differ that “Literally, in the terms of the contract, it states HUD is responsible for any damages to the property.”  

Go out there, find your "diamond in the rough" and start creating your generational wealth! 

Private Lending Attorney Here-First it depends if the person lending the money will be doing this on an ongoing basis - if so he may want to have a separate entity created for that business.As far as documenting the loan - I would recommend speaking with an attorney who regularly handles these transactions. 

I have known people who 1031 for 30 years and then get jammed up because they have created a tax burden. 

My strategy is to keep it for long term and create equity.