This website has been so enlightening to me but I am super new to this.

According to what I have read straight from the IRS website and other places, we need to either meet 500 hours, or at least 100 hours and also work more than anyone else on the property.

@Dillon Cook, do you have suggestions on websites (or ones that you use) to find this information?

There so many answers here I'll just drop this thought you can think about.....It all depends on how hard you want to gamble when that large insurance claim finally does happen.Lastly, you want Waivo for small damage claims not your homeowner's insurance.

A smart seller/listing agent will likely require a large EMD to tie you to performing on your offer, so be prepared for that. 

If there is a large amount of equity, one party may have to buy out the other - if they cant afford it/cant qualify, then the property is sold.I deal with this frequently with mortgages. 

That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

In my experience that either means there is something prohibitive in the zoning, or there simply is not much demand for that sort of product if most people either go with an apartment in a large complex or rent a SFR.

There was also a large plot of land when it looks like something maybe in underconstruction but stopped....I really do hope Niagara Falls revitalizes. 

How to Track Regulatory ChangesStaying up-to-date might seem daunting, but the right strategies and resources make it manageable.Key Resources:Local Government Websites: These often publish updates to zoning, rental, and housing codes.Real Estate Associations: Organizations like the National Association of Realtors (NAR) or local landlord associations offer regular updates and seminars.Newsletters and Blogs: Subscribe to reputable legal or real estate blogs for insights into upcoming changes.Professional Advisors: Build relationships with real estate attorneys and property management professionals who can provide guidance tailored to your market.Pro Tip: Set up Google Alerts for terms like “rental law changes” or “landlord regulations” in your area to receive real-time updates.3.