30% down 30yr mortgage How did you add value to the deal?

The increased depreciation deductions can offset your taxable income, including gains from the sale of the previous property.

There are good QI's that will help you navigate the options.   

I'd start by talking to a few realtors to see how much extra you'd get with the renos vs the cost.

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

@Chris RagerFor multi-member LLCs (and depending on the size of the project), you may want to work with a specialist for the operating agreement.

@Samantha Stephens my experience is the property is only available for those will OO to bid on during this period.

And your follow-up questions are no exception.If you place it in service in 2024 but do not meet material participation - you can still claim bonus depreciation but it will be locked up and will not be useful as an offset for your W2.

The bank would still want to know about the commission to include it as an expense on the final closing disclosure.All the best!

@Toby FellowsGet an attorney and have them complete the process for you would be my recommendation.While it is something you could do, I always recommend spending a few hundred bucks to make sure it’s done and done properly