Purchase price: $307,000 Cash invested: $118,000 Purchased in January 2021, we successfully renovated this home to create a premier vacation rental property.

Purchase price: $307,000 Cash invested: $118,000 Purchased in January 2021, we successfully renovated the interior and exterior of this home that resulted in a premier vacation rental property.

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.

I read about it on Reddit and have had it for a year - it does everything more expensive softwares do but for a much lower price. 

I didn’t look at how old this post is, but these guys are an unmitigated disaster.

If they want to use it as a bedroom, they can do so even with the open wall.

Happy to have a further conversation if I can be of any help to you in your plans and options.  

I have a lead on multi-family deal that should cash flow at least 1k/month, probably more.

Once you have a few deals, like maybe 10 under your belt and they get to know you, they might be more flexible on how much they will lend.   

Also seller might need some extra days to move out.Details, the house has been on the market for over 170 days, fell twice already, the seller prefers a cash buyer, how to negotiate with this type of agent?