What was the outcome?

What was the outcome?

You’ll see, most of the time the numbers don’t work and you will quickly be able to recognize when something has potential.

While initially enthusiastic about the potential of the property, upon inspection, I found myself overwhelmed by the extent of work required for its rehabilitation.As a beginner in this field, I must admit that I feel ill-equipped to accurately assess the necessary renovations and calculate the total cost of rehabilitation.

When viewing potential purchases pay attention to any damage such as cracks, leaks or structural issues; you may want to hire a professional inspector for extra assurance.

Could potentially be finished in a single day with a cooperative phone rep at the IRS, could take longer with an uncooperative one.Unlike normal tax preparation/planning however, form 2848 would require you to seek out someone with the EA or CPA certification specifically since the individual must be licensed to get the power of attorney status.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

What was the outcome?

What are my options and potential workarounds?

It all depends on the appreciation potential of the property.