My first choice was quit claiming the property then I perform needed repairs.

Success looks different for all of us but we all have an ideal level we’d like to reach before we can claim “I made it.”I want to talk about another side effect if success which is philanthropy.

Depending on your Market, you may have high vacancy rates during certain times of the year.A lot of people claim to make two, three, or four times the amount with a vacation rental but that's typically before they consider the expenses.

I am currently looking into a 7-unit apartment building on RedFin.Location: Chicago IL, North Lawndale, low income, high crime neighborhood.Asking price: 450,000Total monthly rent income: 7162Well maintained (so claimed)What should I expect the monthly average combined costs for [ vacancy + maintenance + eviction ] ? 

If you find the right customer you want to work with and can wait, then this is definitely a good option.

I started this deal last October and I'm still working with my lawyer to acquire the title because his lawyer documented the quit claim deed incorrectly.The property seems to still have promise to possibly help me break even if I am able to complete the project, but I wanted to ask the forum for any advice for a newbie investor on what to do next. 

Upstairs are two floors ready to convert to apartments.The current owner claims to have $600k in work into it in the last 10 years.

Looks like my mom can claim the land according to California law."

A short term rental cannot compete with these resorts since they don't have what people want: the amenities and unlimited food and drink to do.The short-term rental customers oftentimes hate Punta Cana (all those I've met at least) want a different experience.

My question is, what would be the most efficient way to operate this for the most tax advantages/breaks as opposed to claiming it on my own personal taxes?