I had a client considering a building on that edge that you mentioned just yesterday.

This has been one of our goals since starting the Academy: to help our clients take that next step into purchasing investment real estate in an effort to create financial independence & generational wealth through cash flow, appreciation, and equity.

I'm also relatively young and interested in some more "challenging" investments (although recognizing that I would have to do everything remotely and source through a property management company like yours).

IRS is saying you cannot combine hours.This post does not create a CPA-Client relationship.

My developer client successfully defended the initial challenges and settled on this having PE rights, so he shifted the site plan to avoid the issue.

If the HELOC is from an existing rental property (A) but funds are used for rentals (B and C), the interest must be allocated to B and C, not A.This post does not create a CPA-Client relationship.

Maybe look for a different type of tenant that doesn't leave every year or sell the place if it isn't meeting your other investment objectives.2) As PM's we always seek prior authorization for expensive turns or capital projects, even though the estimates given to our owner-clients are often ball-park numbers.

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

Work out a fair revenue-sharing model, such as a flat lease or percentage of profits, and consider hiring a property manager for oversight.This post does not create a CPA-Client relationship.

That is for larger companies or for disgruntled clients or relatives looking to help.Per diems only work in theory.