As we move into 2025, these trends are shaping how we approach renovations:Open Floor Plans with Purpose: Open concepts remain a top priority, but it’s no longer just about tearing down walls.

Flipping is more than likely to be considered trade or business.2) Rentals: Rentals are not considered trade or business for this purpose, so initial inventory costs cannot be deducted as travel expenses.

I wrote the above for informational purposes.

This is for basic informational purposes I am not an attorney and this is not legal advice.First, if you offer to purchase a property using a HELOC to fund the purchase you cannot later back out of the agreement because you couldn't find PML or investors.  

We then purchased 2 houses for investment purposes.

That sale should qualify for the $500,000 sale of personal residence exemption for tax purposes.

He testified that he used his personal bedroom exclusively forbusiness purposes but later testified that he slept and ate in his bedroom.

Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value.

Using a large RV or boat for business purposes offers potential tax benefits, but it's essential to navigate IRS regulations carefully.

Property TypeUnderstand the different types of multifamily properties:High-Rise: 9+ floors with an elevator, often urban.Mid-Rise: Smaller than high-rise, usually with elevators.Garden-Style: Low-rise apartments in suburban or rural settings.Walk-Up: 4–6 stories without elevators.Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.Special-Purpose Housing:Student Housing: Designed for college students.Senior Housing: Dedicated to older adults.Subsidized Housing: Affordable housing supported by rent and income restrictions.3.