Do you have access to deal?

What’s unique is that the basement only has an exterior entrance so if I added rooms to the basement, they would essentially need to walk outside to have access to kitchen/bath/laundry.

My goal for this year is to acquire my first two rental properties.

This is a summary of the from IRS regulation:“( (d) ) Acquired or produced tangible property—(1) Requirement to capitalize.

If your total income(wife and yours) is below $150,000 you should be able to offset some of your income from the rental loss.What is your goals with real estate(cash flow, appreciation, etc) If your goal is cash-flow - you may want to look into selling the property and acquiring others that would cash flow.Let me know if you have any other questions.

See, I came into 2018 with the goal of acquiring 8 rental units this year and I know that to some 8 units might not be considered "aggresive" however, before this year I only held one rental poperty.

The first lesson that we all can learn from your experience is the need for sufficient insurance protection on our investements.As to your question, my suggestion would be to use your cash to acquire multiple properties.

@Jason McGrawMost sellers wont be open to giving your access to their records until you can show then you are a serious buyer. 

One strategy that Canadians have used is to tap into their home equity through a HELOC to get access to funds.

Afternoon BiggerPockets Tribe! I have a 38 unit mini-storage building under contract. It is a one 2800 sq ft building facility (built in 2004) on approx. 1 acre of land. With the opportunity to build more buildings an...