On top of that, since the buyer hit rough times, lost his job, and was short for cash… He decided to rip out all the cabinetry and appliances and toilet and sink and sell them on craigslist for a few thousand dollars..

But the reality is that after the creation of the LLC in most states, the Series LLC immediately came into the game.

It's the reality that they have been around for six years, and it may get you back a few hundred dollars. 

In your example the FMV after conversion is $0 and the tax basis in the building is $0 so there's neither gain nor loss, although in reality most people will receive insurance proceeds and may have a gain.The land is a non-depreciable asset, there's no 1250 gain associated.If you have demolition or removal costs associated with the rubble, those get absorbed into the land basis under IRC Sec 280B.

Hi All,Wondering if anyone has experienced intentional water wastage by a tenant (running sink water etc) in an apartment building. 

It was the investors who were sinking all their money into flipping houses.

In reality (in this situation).

Hanging cabinets, installing countertops and sinks don't need a permit.

123 Reality

What seems like a good deal on paper may be a disaster in reality and that is where experience comes in to help filter out the good deals from the bad ones.