Some more pros (or reiterating):Direct acces to ON MARKET propertiesNetwork with other Realtors and maybe get leads from themEarn the purchase/buy commission (not much for a distressed sale)With a supportive broker get discount on listing commissionCons...Have probably ~$2k annual feesProbably have to sit the front desk at the officeGo to office meetings / maybe have to “make money” for your brokerHave some startup costs for signage, etcTechnically need to declare yourself as Realtor all the time (could be a pro)Time taken away doing “realtor stuff” when you could have been focusing on your primary/niche profit activitiesThis being said, having a license may just be part of a career path.

I would start by finding out if the father had been declared 100% disable because of the Alzheimer’s and if the son has Power of attorney to make all decisions.  

My pretty aggressive cpa shot this idea down as I don’t declare my primary home interest (it’s less than the standard married deduction.) if this was argued/allowed you could declare any loan on your primary was really on a rental.

My question is, for tax purposes do we need to do anything else other than just declare our income and loses individually?

Have you seen anything change since coronavirus was declared a Pandemic, sellers getting jittery about signing listing agreements or anything like that?

As a consequence we have declared Force Majeure/Forced Circumstances for: - All reservations made for properties in the United States by travelers from all 26 Schengen countries *), or travelers who have been in the Schengen area in the past 14 days;- with a check-in date between Saturday, March 14, 2020 and Tuesday, April 14, 2020 (including).- American citizens, US permanent legal residents, and their families are excluded from the travel ban.*) Schengen countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.What’s the impact?

-please be aware i posted this before trump declared a national emergency due to the virus so i did not have any info on that and I would not hazard to guess how that will impact all of this. 

@Solomon Morris RI declared a state of emergency to activate National Guard too.

The rate is not fixed though :(  My loan lady reached out to me to refi both the HELoC and the car payment that I have with them as she said that Trump declared an emergency rate decrease from the prime rate so refinancing both look good! 

However, people are overreacting, RI declared a state of emergency and so my NJ relatives thought they were calling out the national guard here which is not the case.