Keep the wood (or sheetrock if you choose) an inch or two off the floor to not wick water.

I bought 6 unit property in Wildwood,NJ,in November 2024, doing rehab now,  should be done by May 2025I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1...

I found what seemed to be a great property with a house for an STR and other space that I could expand for camping/RV sites and a barn that could be converted into a venue for events. 

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.

However, after receiving the survey results, I discovered that the house is located less than 1 foot over the sublot line (see attached image).Here are the options I’m considering:Rent the current house for market value (~$1,500–1,600/month) and convert the detached garage into an ADU to rent for ~$1,000/month.Relocate the house to split the lot, then sell the newly created lot (~$100,000) while renting out the existing house.Relocate the house to split the lot and build a new home on the second lot.Demolish the current house and garage, split the lot, and build two new homes.At this time, I am uncertain about the cost of relocating the house.Questions for the community:Has anyone faced a similar situation?

Will cut about 4 inches above ground and plant the stump.  

Our team buys the properties and converts them and manages them so it has been a great learning experience seeing all three phases from taking down a project, renovating the building then managing the lease up.

I’m currently in the process of searching for my first property, which I hope to house hack and eventually convert into a long-term rental. 

Hello - I have a side-by-side duplex that i'm converting into an STR.  

When you converted the 3rd unit and put it on your tax return was it done through the city?