This can include the time spent acquiring or improving rental properties, managing rental property portfolios, and advertising for tenants.Just keep in mind that you can’t combine time spent by both spouses to meet the 750-hour test. 3.

However after all the work thats required which includes landscape, parking lot, fencing lighting and interior/exterior work, it looks like the presumed cost of remodeling it will be double that, although Im not positive (still taking bids).Ive priced a comparable property in our area which has similar square footage and lot size and they seem to be going between $700-800k, and so my question is: based on a higher than expected construction cost which is necessary to finish our project, one which will exceed the amount of money of what a similar property goes for in our neighbrhood, should I continue with this project, or an alternative plan would be to simply beautify it for approximately 100-150k and ditch the plans, and flip it instead for approximately 700-800k now that its zoned commercial.My fear is that if I do invest the moneys to finish the project over the budget I initially priced it for, and the business doesnt take off, I would initially lose money on this investment.Thank you for taking the time reading this.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Others have touched on this, but there are several factors to help you decide.

Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.

The renovations included new flooring, fresh paint, a new HVAC system, updated bathrooms, and the addition of stainless steel appliances and granite countertops.

This does not include cash flows, but just price sold from one buyer to the next, and current appraisal.

Consider factors like location, demand in the market, condition of the property, and potential rental income.

Best deal after a number of bids.I don't quite remember the discussion at this point, but it included problems with the location and getting it up to code.

These include market analysis, property selection, guest communication, listing creation and optimization, and more.