I reached out to an insurance broker today and he had indicated that we would need a constructions insurance policy for the renovation phase of the project.

And it is very inexpensive to use. 

Quote from @Ray Watkins: What is the best way to finance a newly built, entirely new home on a property?  

We have 7 days left to reach agreement on this and I'm not hopeful at this point.

Looks like an infill lot…how long has it taken to get to this point?  

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

Landlord has to suffer the loss.

Hey Nick,I know this is a old post but I thought I would shed some light on today's Blue Ridge area.

Be sure to attend your local REI meetups to build up a strong network and check out the forum topics specific to your goals.

I enjoyed the hard labor and comradery that I missed from my Navy days working in engineering.My question is, how do I go about getting more experience on paper without having to commit to an employer/contractor for a long-term position?