If am lending personally am I able to write off taxes from the interest from the HELOC, or would I only be able to do that with an LLC or S-corp?

Hi all, I'm looking at a deal that's grossing $56,400 a year, with about 39% in expenses(factoring in new taxes).

@Kim Porciuncula we manage almost 700 doors, around 100 of them S8 and have clients from 11 different countries.You'll probably also need assistance with setting up an ITIN, Michigan LLC, corresponding EIN and opening a USA bank account - we have a tax attorney that can handle all that.PM us for additional assistance.

Can mess with your 121 tax exclusion at sale.I never held any residential RE in LLCs, just commercial.

(It doesn’t file its own tax return.)

i'm figuring it being rural ok, enforcement of laws/codes/taxes etc is gonna be lax as it gets, but still.also how do the taxes work?

With Safely you would pay, for instance, $70 per booking and Safely would cover you for damage and liability (again, check with them directly on this, I am not associated with the company so I can't say for sure they do liability!)

I'd start with cash for keys but if that didn't work,  seems like it may take 3-4 months to evict a person,    my big question is getting liability insurance on the property.I get that there isn't much I can do preventing the previous owner from trashing the place  (she is 60+ so I doubt she's taking a hammer to the place)   but I do worry that if she or someone else were to get hurt prior to an eviction and sues me.Can you get insurance on a property under these conditions?

What kind of prompted this was she was trying to file a 1098 form for her taxes and wanted to claim the interest for the half that she has.

Could you please provide the rental value, market value, renovation cost, loan term, and property tax rate