This loss will be carried forward. 

Congrats - do you ever think you'll expand a buy a true standalone STR of just happy with this current situation?

Does anyone have any experience to share about properties in this country?

Imagine you bought a property for $2M.

The land (excluding any structures) is valued at $400K.
Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your ...

However, I’m curious how much of this process needs to be done with the Attorney and what I might be able to do myself.

Otherwise, you should work with a mortgage broker who can shop hundreds of lenders for you to help pick the best lending partner for this transaction! 

It's free, handles rent payments/reminders/late fees, maintenance requests, some reporting (e.g., P&L), tracking expenses and income, rental listings, lease signing, etc. 

@Shawn NofzigerHi Shawn,I came across your post and while I am a long way from Lansing, I work with a ton of new and aspiring investors and the challenges they have getting from idea to action. 

@Harsh Poshti  You do need to check with the local zoning office. 

That safety net can ease the fear.Tap Your Network: Got a mentor or someone in your circle who's done this before?