Lower of cost or market for determining the basis is also the correct way to treat a personal use asset being placed into service for business purposes.

I hold land personally with my wife that I am selling and at the same time I am purchasing my first str.

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

I played the part, she lost, and it took an extra three weeks to get her out.You can't take it personal or it will wear you down.

We encourage you to familiarize yourself with this new California law and seek legal counsel for further guidance.

You need to keep in mind the person that was living in your property is a seasoned lowlife.

These products have no income, taxes, or personal liability limits tied to the loan.

Especially during the bear markets, basics are the most important KPI.Reduce the amount of personal cash in the deal.Ensure that the property can provide enough cashflow consistently to sustain itself Wait for the best time to sellNever, ever, nevereverever, put yourself in a position that forces you to sell at the worst possible time.

I personally invest as a member in a passive real estate investing club, where we all go in on these together to invest small amounts, and vet new deals together every month.

Does anyone have recommendations, and if you had personal dealings with them that were positive or negative.Thanks in advance for your help.