Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

The rules are designed to prevent related parties from engaging in exchanges that shift high basis property for low basis property, followed by a sale of the low basis property, effectively "cashing out" without recognizing gain.If you sell a property to a related party as part of a 1031 exchange, both you and the related party must hold the exchanged properties for at least two years following the exchange.

Structure and View ShotWhy it works: Highlights your property’s unique design and surrounding scenery.How to nail it: Pair a ground-level shot with a drone perspective.Example: This listing3.

It’s designed for small businesses and landlords, allowing you to create multiple accounts for rent deposits, maintenance, and taxes.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

•Our company has proprietary AI models designed to accurately assess listing quality through images, which would power this feature.2.Smart Weighting:•Automatically weigh comps based on their reliability.

Wouldn't hurt to consult a tax pro just to make sure there isn't a more tax effective strategy but I don't think lending provides any tax shelter.

I will also be doing all the cosmetic things you can think of: paint, flooring, bathroom reno, kitchen reno, so I am open to carpenter or design suggestions.  

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.