Every year, my CPA prepares my tax returns.

Investment Info:

Other buy & hold investment.

Purchase price: $640,000

Cash invested: $1,200,000

Turned a shuttered and rundown 13-unit waterfront motel into a brand new vacation destination with...

@Johnny McKeonNah that's crazy high.

Tell them because the check is old and the amounts don’t match you’d like to return that check to them when you receive a new check for the correct amount. 

High performance contractors run on premium gasoline , and they dont run on empty . 

@Hunter PurnellIf you're open to other options you could offload a handful of your properties, apply for a high cash value whole life policy, max fund it and then do a couple things:1.

Hi Ian,I might do that deal if I also felt that the rental amount was projected to go up (like in a high growth market) or if appreciation looked to be promising and I wanted to exit the investment in a short period of time but in general, by doing the deal with only a 6% profit, the margins are slim to make it worth it in the short term at least.~ Lindsey

If that's your goal, you want 6-7 homes that make great rentals - low costs of ownership & maintenance, high ROI relative to cash in the property, easy to rent, etc.

I think there is a deemed sale from one parent to another but since they are husband and wife filing joint return, I don’t think there are tax ramifications but would appreciate thoughts/ advice here.

Budget returns and repair costs depend on several factors (all of which change over time).