Therefore, it's vital to calculate these costs before purchasing the property.Seeking the help of a 🏗️construction professional is recommended to create a comprehensive budget that includes hard costs (materials, labor), soft costs (architectural and engineering fees), and contingencies for unexpected expenses.

what's the fine print and exclusions?

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

I am working on my 1st rehab, which also includes purchasing construction material from Home Depot. 

Assuming 25% of your property is used exclusively for the STR activity for a full year, you'd be able to utilize bonus depreciation for 21.25% of the original installation amount (subject to recapture).

He also added a clause to hold 10k in escrow account giving her 30 days to move out.I guess we could have been a bit more aggressive with the contract and included other things mentioned in this post.If can I go directly to the sheriff that would be great!

The limit is applicable so it doesn't count toward the doner's lifetime gift-tax exclusion.In theory, if the doner doesn't anticipate to have an estate near the lifetime exclusion, they can gift more, they would just need to file a gift tax return, where normally no tax would be paid.

I would also highly recommend you educate yourself on New York State tenant/landlord law, especially if you plan on self-managing.

I have a painting business and my partner has a construction business in nyc and we've already been doing jobs in CT. as for time I have loads of time on my hands and I am pretty handy my self.

Given our tax bracket, including tax savings when analyzing various real estate deals is critical in determining our ROI.