Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

You should require the first month's rent paid in full before handing them the keys.Start the eviction process.

THE BEST.

They will do a Good title search that no liens or mortgage issues with the firemineral rights transfer, easements, a survey, type things need to be clear.glad you escaped the fire with your health is main thing

Welcome to the club and would love to connect!

And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home.... 

For Canadians seeking to tap into the market in the States, the way the LLC is arranged creates a challenging tax environment and basically leaves you limited return. 

While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.

Start-up expenses like the ones you mentioned can’t be fully deducted in the year they’re incurred.

Anyone have tips for finding them and how to structure the deal to become lucrative for them as well?