However, I don't believe the Property Tax deductions (Point 2.) on a Rental is restricted by the 2018 Tax Cuts and Jobs Act (TCJA).Specifically Section 212 says:In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year:(1) for the production or collection of income;(2) for the management, conservation, or maintenance of property held for the production of income; or(3) in connection with the determination, collection, or refund of any tax.

Hi Whitney,Talk to an attorney local to the property.You might be able to get a financial judgement (trebled).Step one might be to get three bids on (comparable) replacement systems.American Standard, Bryant, Carrier, Lennox and Trane are names of some furance and A/C (HVAC) manufactures.And realize a new furnace A/C (HVAC) might force you to change the thermostats too (or not).Trying to figure out costs on this yourself (with any resprayed insulation up there) might be pretty tough, (plus you have to buy whatever new refrigerant is required in your area--and the new stuff can be very very expensive).You might be able to pick the brand you like best, or the one fastest installed vs the cheapest...ask an attorney.Also, in a financial judgement, you have to collect...lien their wages or bank accounts (to the extent you are allowed to do so by THEIR Locality).

If you win, its up to YOU to collect, which is a new adventure on it's own. 

Then you can collect interest from the owner and or foreclose it to possess it yourself.

Our current process for +80 residential units we already own is electronic payment only through Buildium.Question is what's is everyone else process for collecting rent at trailer parks that have variable billings with meters?

what rental tools are you using to collect rent and manage your properties?

Offer Seller Finance, agree on terms and condition, and collect a monthly mortgage payment, you will still technically control the property without a property management, and taxes, insurance, toilets will be the responsibility of the tenant/Buyer.

You see, there’s nothing worse for an attorney taking on a contingency case, fronting all the legal expenses and investing their time to win a case and obtain a court judgment – then NOT be able to collect on the judgment.So, astute attorneys will research the available assets and insurance before accepting a case on contingency.

Typically, it’s set at one months rent, in order to simplify collecting one month of unpaid rent.

I collected a 7k option deposit from them and my agreement with the seller was for 1k option deposit. now I need to know how do I close this deal and collect the difference I'm owed. do I assign it back to the seller?