Adjusted basis is purchase price plus improvements minus depreciation.If you plan to rent the property, you will not be able to exclude the gain from depreciation recapture.Please note that payoff amount has little to do with what the basis of the property is.

The property was pretty much turnkey so I haven't had to do any substantial improvements.

Even if they don't meet their estimated 13,000 direct hire jobs @ $56000 a year plus benefits, plus 7,000 supplier jobs, half that many jobs in Racine will make a huge improvement in the local economy.     

Improve the curb appeal.

My oppinion is big advantage to delinquent taxpayer because it is more options available for making money renting and preservation improvements in the first 3 years under the old Alabama procedure.

I've been hanging around Biggerpockets for maybe a month now, watched/listened to a whole bunch of podcasts, YouTube videos, even bought the Ultimate Beginners Guide and and making my way through that. 

., I've helped several CA-based clients buy investment properties in TX sight unseen other than walkthroughs via FaceTime or filming and uploading to YouTube.   

I am sure you learned something on the deal as everyone has teaching points and ways to improve on the next one.Happy hunting!

What's the best way to structure a counter offer to protect myself while completing improvements and construction of shop while we are in "pending" status?

What's the best way to structure a counter offer to protect myself while completing improvements and construction of shop while we are in "pending" status?