Chicago Attendees, As we prepare for Cancun next week, I was thinking that it would be fun to organize a little Moon Palace get-together for Chicago-area attendees once we are all down there. 

All, at most, have had minimal fees - $500 for origination, etc. 

I bought it in 2022 for $155k and finished the rehab early 2023.The rehab was about 360K all in and appraised for $825K upon completion.

Not sure if you've used this feature on BiggerPockets yet but on the top of the screen theres a tab for "Pick Markets"Picking a market worksheet, Top 100 cash flow markets and Market insights are all free to use.

All communications have to be through email, which is some cases is great, but in others it is horrificly time-consuming and inefficient. 

6-7k is annual cash flow.If so I would make it a LTR since the STR is not much cash flow and a lot more work.You'll likely be the one doing all the work for your partner.

Hello all!

Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.

Cash Flow: Rental income minus all expenses (mortgage, taxes, insurance, maintenance).

We all wanted a "beach house", and when we found this property it's on a deep water ditch/canal.