But for the unit you’re living in, you can’t do that.2.50/50 Split: Since you’re splitting expenses down the middle, make sure you both agree on how that’s going to work, especially since your unit won’t be bringing in rent.3.Your Unit: You won’t get to write off depreciation or rental deductions for the unit you’re living in, but you might still get homeowner perks like mortgage interest deductions.4.Partnership Stuff: Just make sure you and your partner are on the same page about how you’re splitting costs, income, and who’s handling what.Might be worth chatting with a tax pro to make sure everything’s set up right.

Feel free to PM me!

I feel the Bowie/Upper Marlboro area offer great value for flipping and/or rentals because the costs are lower yet you can sell to the DC buyer.  

Won't market a specific one (Feel free to reach out privately), but those are easy to use, nontechnical, and provide okay + results.

These are typically deductible in the year they’re done.On the other hand, improvements that better the property, restore it after substantial damage, or adapt it for a new use generally have to be capitalized and depreciated over time.Now, if the cost is $2,500 or less, you might be able to use the De Minimis Safe Harbor election to expense it immediately, rather than depreciating it.

Or for Closing cost, Ernest money deposits, etc.

If not, how did you evaluate reno costs before closing to know if this would be a deal that would make you money?

I'd love to talk, listen, and please feel free to realign my expectations or provide some experience and anecdotes - please go easy on me.

@Anthony Blanco100% through networking and building a positive reputationI do not sell - I provide a lot of content and education to people (at no cost).Networking, assisting others and when you have a deal make sure it goes well and build a track record is the way we have done it

If so, I'd like to invite you to a FREE meal on me!