Hey BP Team!

And that additional income as an agent and property manager allowed me to buy still more properties and is giving me connections of people to partner with on larger deals going forward.

Affidavits of Heirship are convenient in the states that allow them because they are much cheaper and faster to do.    

We were considering having a family member who is over 55 to be the primary applicant, while our LLC is the co-applicant and are waiting to see if the park would allow the title to be placed under an LLC vs. the primary occupant.

We were not allowed to file taxes jointly until we vacated the legal separation in 2021, which we did.

The goals are the numbers with $$$ in front that allows you to achieve that independence. 

We will not allow a tenant to pay large sums upfront if it could result in a significant tax liability for the owner.

Thus, allowing you to take home profits now and let your future appreciation pay the bill.If you are interested in learning more about this style of property management please reach out and I would be happy to discuss! 

The three most common approaches include:Cost approach: An estimate of the replacement cost less depreciationIncome approach: Calculation of estimated potential rental incomeSales approach: Uses comps of recent transactions on similar propertiesBe sure you are leveraging the tax incentives availableIdentify any applicable tax incentives available for commercial properties - historic tax credits in certain areas, opportunity zones, environmental sustainability, etc.Understand available tax deductions, credits, and rebates - Tax deductions decrease the taxable value of a property, tax credits directly reduce your tax liability dollar for dollar and tax rebates are a refund of taxes paid under certain conditions.Utilize a cost segregation study - Cost segregation allows you to reclassify assets into categories with shorter useful lives, therefore accelerating depreciation and creating tax savings.Leverage energy incentives and deductions - Look into the Section 179D deduction and how you can save on tax by meeting certain standards to make your property more environmentally friendly.Best practices for commercial real estate owners and monitoring their property tax regulations:Plan proactivelyWork with a professional to receive guidance on complex regulationsUtilize specialized software tools to drive efficiency and compliance.What questions do you have regarding property tax valuations?

I'm in Charleston, but a lot of my team is in Columbia in Five Points and I'm there a couple times each month.