Are you currently focusing more on residential or trying to transition fully into real estate investing?

To minimize this tax burden, consider the following strategies:1.

Quote from @Rud Sev: Hi Michael,Thank you, I will message my CPA asking for a more detailed explanation.I've been inquisitive with my CPA, but unless I ask question I do not get explanation (and unfortunately not a walk-through), although I've shown interest understanding this further and further.I'll try to reformulate my question more clearer (and with more data) - the problem that I have and will have is figuring out if my questions and confusion are due to a lack of understanding on my part, or my CPA is truly making mistakes.Regarding carry back, thank you for this info.

I know this is an old message. 

Not without the bank signing off on it.

The reason I say this is to lead into the answer from your question. 

@Kenneth P FordRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

We want to rent out the basement as a one-bedroom apartment to defray the mortgage cost.

Hey @Tanya Maslach what about those two zip codes interest you for this use case?

Hello everyone I am new to the community and wanted to introduce myself.