For rentals, it is not just about getting the deduction but being able to deduct it because you are not subject to the passive loss rules.

Glenn I forgot to mention that being built in 1955 you most likely will have issues with lead abatement with the new EPA certified rules which will increase your rehab cost.I don't know why everyone gets worked up on a house being close to a commercial property or highway.The value of the land the house sits on is often worth way more for development than the value of the house that sits on it.You can still have someone pay you to haul off the house or gut it for parts and make some money that way.I love land next to commercial and know exactly who to market it to an dhow to sell it.Now if you are in a big subdivision with track homes on small lots that backs up to a junkie commercial business that is another story.The reality is you are probably not going to assemble all the homes for a commercial project because the front piece is the most valuable and everyone will want to much for their house making the project total cost unfeasable.

Search for 50 perecent rule in the forums to get an idea of how to do that quick and dirty with some conservativism.

IMHO.I did read recently that there are some in Govt considering for relaxing some of the current rules.

There is only one rule.

Their is a fourth protection and that is our agreement that we can repurchase any property should it go into default.3.

I have found that we have had to shop around for different brokers because each firm seems to have different rules.

There are also other rules regarding this.

As a general rule the smaller the bank, the easier it is to find someone to discuss their OREO properties.

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