Then I line up about 10-20 applicants to see the property during a 2 hour time window on a Saturday or Sunday.

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?

I'd love if the property would cash-flow after we move out, but the neighborhood and appreciation potential is the biggest concern for me.

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The entire project took around 3 months with EVERY square in minus the electrical( some added) being gutted and renewed.

How many lots occupied and what were the lot rents?

@Mad Dendukuri easy solution - tell the tenant you can't afford to do flooring AND put them up somewhere, so deal is off.Either they will be reasonable or show themselves to be greedy and someone you should get rid of.

Hopefully it is temporary and they will get caught up. 

Great choice...come on down to Texas. 

Robbie - first thing that comes to mind is renting out the rooms individually on shorter term leases (co-living model).