This loss will be carried forward. 

There are lots of paid software programs that do this for you as well. 

From my basic understanding it would make sense to change it to a rental and then do the remodel so I can claim depreciation on my cost, is this correct or not? 

Quote from @Pat Arneson: Quote from @Mitch Messer:Quote from @Pat Arneson:I've read a few old posts regarding this topic and have those documents in order, but I still have the following questions regarding a private loan (from family) --Loan Documents for Purchase -1.

Purchase price: $55,000 Cash invested: $110,000 Sale price: $205,000 This was a 1950 raised home that needed extensive foundation repairs as well as all plumbing, electrical and subflooring.

This book will help you learn how to underwrite.With the little information you have given, this purchase will be underwater.

Purchase price: $150,000 Moved mobile home on bare land What made you interested in investing in this type of deal?

Check with the county to confirm you can do this.

I generally know what that means but I don't know if there are any potential cons with this situation.  

However, with the frequent incidents and the persistent odor, even after cleaning, I’m beginning to wonder if this has become the norm for STRs in urban areas.Any advice or tips on how to prevent this would be greatly appreciated!