Timely repairs are crucial, as they can take 90-120 days.

Would I be able to take my proceeds and 1031 them into a different asset outside of the entity (that owns the rental)?

Just take out the maximum liability on the property that your insurer allows (mine allows 2 mil).

Take care!

We're currently doing something similar in BR - taking a house from 3/1 to 4/3.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I'll take that into consideration!

ORYou participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual (including individuals who didn’t own any interest in the activity) for the year.For longterm rental the maximum loss you can take is capped at 25k a year, and this amount begins to be phased our between 100k in W2 income and caps at 150k in income.

There is no doubt that they try to take advantage if they think we are less experienced or won't argue.

I just signed up for Pro and this marks the first post I'm sure of many as I take my first step towards this REI journey.