The NOL can be used against any income (not capital gains as noted above) and can even create a new NOL if it doesn't offset all income that would be usable next year.For the 8582 unallowed losses assuming you are not a real estate professional than these losses are passive. 

While simple tasks like patching holes and repainting can save costs, it's safer to hire professionals for jobs like installing recessed lighting.

Take the time to carefully evaluate your options, seek advice from financial professionals or experienced investors, and make an informed decision that aligns with your financial objectives.

For sourcing deals, consider leveraging a mix of strategies including networking with local real estate investors, using online platforms like Bigger-Pockets for community advice, and exploring public records or foreclosure lists for potential off-market properties.

Hi All, I've worked for a non-profit my entire professional career (ie, my W2 income is not very high). 

Dealing with a burst pipe can indeed be a big challenge, but you're not alone in this.Since the damage seems quite extensive, it's crucial to get professional help to assess the situation thoroughly.

But I am working professional and cannot deal with renters for day to day needs.

Seek a tax professional for more detailed information.  

I imagine though in my opinion not as a legal professional that the seller being the bank would be much more likely to get in trouble.

The professionals listed have additional training and ethic standards that set them a part, however it is important to conduct your own research and properly vet a few property managements before making your decision.