Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

You can hire a landman to research if you desire. 

I own and operate a property management firm in Chicago. 

We leverage Airdna and Airbtics data and I personally recomend looking at every data source humanly possible and plugging in your best estimates for conservative, ok, good, and best as well as your best possible estimates for expenses in order to really get a firm grasp of the potential profit. 

It pays to learn how, or to hire the right firm/person, to take advantage of tax benefits.

Ask the planning group to look at another subdivision plans and also ask the engineering firm for a similar set of plans to look through.  

I'm contemplating this decision because I'm not sure if it would be desirable for tenants to have an extra room instead just a loft area.

Wondering if you had any feedback for those firms or if you have something else you'd recommend! 

The reason is so many potential types of tenants and developers will desire that dirt.

Most are in less desirable neighborhoods / are less updated, but some are on par if not better.