Mortgage payments, real estate taxes, utilities, property management fees, landlord insurance, and upkeep and repairs are examples of fixed expenses.

Expenses: Insurance is about $145/m property tax about $208/m (my guess, lowkey the property got tax assessed at $89k in 2022 and now its worth what it is now so I'm guessing $2450 a year).

It might be tedious, but it’s a wise investment of time to avoid potential mishaps.If you're a Microsoft office buff I'll email my spreadsheet it could be a valuable resource for others navigating similar situations.

Deni Baldwin, the tax partner, is more interested in talking about her vacations at her lake house, rather than getting her job done.

That said, you definitely need to be clear on the scope of the project to avoid delays.

Hey Ralph,Typically if you sell a property or any asset for a gain within 12 months, you pay capital gains tax at your tax rate. 

It’s taxes are and regulations are lax and the market is going to grow faster then Seattles did.

U want your parents to talk to their CPA FIRST.. if they go the development route they are now ( depending on the amount of units) creating inventory.. which will be taxed at ordinary income rates ( very HIGH)if they just sell they can 1031  and move on to something else.. many times when you run the math consider the risks of a partnership.. the sale of the land is far better than thinking your going to make some profit.. 

Of course, nothing is stopping you from selling Rental #1, paying taxes, and then taking your leftover after-tax profit and moving that into Rental #2. 

Here are some considerations and normal practices to ponder: Employee Structure, Contractual Agreements, Insurance Coverage Benefits, and HR MattersLegal and Tax ImplicationsCommunication  and Collaboration.