The IRS generally allows deductions for second homes if you use the property for personal use for more than 14 days or 10% of the days it's rented, whichever is greater. 

You also might want to consider using the general asset account (GAA) as a strategy to possibly continue depreciating the property before demolishing and rebuilding.Obviously, once you convert the investment property into a personal residence, you lose out on any further deductions from a P&L standpoint.Feel free to DM me if you have any further questions.

One property is rented with a tenant in place, and the home in Riverside, CA is the home of the person who passed.

@Michael Baum @Carolyn Fuller Thanks for sharing the information.

But it's hard because if you get to personal, stylish, "on trend" you can alienate a group of buyers.  

Deposits will not be returned (full or partial) until all tenants move out.In the event of abandonment, arrest or death, the following person has the authority to decide when to terminate tenancy and how to store/distribute my belongings:Name: ____________________________________________________Address: ____________________________________________________Phone #: ____________________________________________________

Investment Info:Single-family residence buy & hold investment in Montgomery. 7/28/24 - UPDATE WITH NEW PICTURES.Hi all, just sharing the update and the experience, we finally after interviewing about 4 different contractors picked the right one so far.

Hey Mark,I would speak with your insurance agent as they should tell you the requirements - fencing around the pool, gate with a locking mechanism, etc.I personally own a rental with a pool and the insurance agent walked my rental to ensure it was acceptable. 

Some people are trying to save $10k on the project but it cost them 2 or 3 months and they have a lot of time on task, and a lot of personal overseeing. 

Have a bunch. key piece is are you doing it in your personal name or in an LLC with a commericial loan.