There's no perfect process for this.

In talking to her, I got a vibe that she is not well mentally.I am concerned about insuring the property for the duration of the eviction process,  specifically for liability because it seems like the laws put you in a catch 22 where you can't get on the property to maintain it yet they would hold you responsible for any dammages if they were to occur.How does one protect against this?

The reason is so that you can repeat the process and build your financial IQ on solid ground to grow faster in the future.

It's important to determine a time frame for actually selling the home and a time frame for when they want to start the selling process.

Contractor coordination and task timelines were designed and scheduled through me.

The second house (an Accessory Dwelling Unit) is 644 square feet and includes a garage on the first level and a living space above it comprising 2 bedrooms and 1.5 bathrooms (with the half bathroom situated within the garage).We're in the process of determining whether the ADU can be legally rented out in Baltimore County.

This strategic move could not only enhance your portfolio but also provide you with the financial cushion you're seeking, allowing for greater flexibility and potential for growth.If you're contemplating selling, I'd be more than happy to provide you with a comprehensive market analysis and guide you through the selling process to ensure you maximize your investment.

Each strategy has its own set of benefits and drawbacks, as well as potential returns and risks.Buying to Flip for Quick ProfitBenefits:Quick Returns: Flipping properties can potentially yield quick profits, especially in a hot real estate market.Minimal Holding Costs: Since the goal is to sell the property quickly, holding costs such as property taxes and maintenance expenses are minimized.Creative Freedom: Flippers have the freedom to renovate and design the property to maximize its resale value.Drawbacks:Market Volatility: Flipping is highly dependent on market conditions, and a downturn in the market can lead to reduced profits or even losses.Capital Intensive: Flipping often requires significant upfront capital for purchasing, renovating, and holding the property until it sells.Income Tax Implications: Profits from flipping are typically taxed as short-term capital gains, which may result in higher tax liabilities.Buying for Rental Income and Long-Term InvestmentAdvantages:Steady Cash Flow: Rental properties can provide a consistent stream of income through monthly rent payments.Appreciation Potential: Over time, rental properties have the potential to appreciate in value, providing long-term wealth accumulation.Tax Benefits: Rental property owners may benefit from tax deductions on mortgage interest, property taxes, and depreciation.Challenges:Tenant Management: Dealing with tenants, maintenance, and property management can be time-consuming and requires effective management skills.Market Risks: Rental income may be affected by market fluctuations and changes in rental demand.Liquidity: Unlike flipping, rental properties may not offer immediate liquidity, as selling a property can take time and incur transaction costs.Comparing Potential Returns and RisksBoth strategies offer the potential for attractive returns, but they come with different levels of risk.

I categorize each entry as to which property it relates to and the reports it prints works well for our CPA.I guess I'm just trying to figure out the best process now, before I get into it and then need to change it.Thanks!

C corporations you own stock and no stepped up basis.LLC doesn’t matter what state since this a federal irs designation has no impact on stepped up basis.