Apology:By the way, I spoke personally with the seller about it at DME.

I have acquired my experience from working on my personal live-in-flips and building ADUs, as an owner builder and self-performing most of the work.

We use CompanyCam for this, that might be something that will help you catch things that are missing as well as making sure things are done correctly, whether you are there personally or reviewing remotely.

I wrote the above for informational purposes.

I am not a burn-the-boats type of person, and I am more productive with a backup plan.

I prefer to use in- house platform messaging for basic messages, and actually write personal messages for anything else.

The person who is supposed to be in charge of our specific unit does not answer texts, and when I call it goes straight to voicemail.

I don't think we will need the PM software piece or accounting piece as we intend to use different software for that purpose unless you can make a compelling reason not to, lol. :) For now, we are just getting into flipping and are trying to run some hypothetical scenarios though a calculator to rough out costs and estimated ROI for our first wholesale flip.Thanks for any guidance you can provide!

Sorry but that LL is an idiot..... you either kick that person out in Feb 2022 or you religiously monitor that property for more illegal/unauthorized activity....because its going to happen.

Another CPA can correct me if wrong but I don't think there's going to be any recapture here.27.5 to me implies 1250 property and if acquired after 75' means no additional depreciation to recapture.I think there would be unrecaptured 1250 in the amount of the depreciation taken previously, max 25% at ordinary rates.The total gain less unrecaptured 1250 I believe would be 1231 capital gains, not considering other factors like look back and netting rules.Also the land would be 1231 and would get capital gains treatment.And personally I would subtract selling costs as a capitalized selling cost.Amount RealizedLess: Adjusted BasisRealized Gain/LossLess: Selling ExpensesRecognized Gain 1001I could be wrong though so correct me if so.Article for those interested:Depreciation recapture in the partnership context (thetaxadviser.com)While Sec. 1250 only requires additional depreciation to be recaptured as ordinary income, Sec. 1(h)(1)(E) subjects unrecaptured Sec. 1250 gain to a maximum tax rate of 25%.