At least now your tax basis is $220k ;-)  What was the extent of the repairs?

Consult your local CPA to calculate accurately and minimize your tax liability.

Your team can provide valuable insight and help you avoid costly mistakes down the line.5.

Michigan offers tax credits and breaks for development projects, especially in designated areas like Opportunity Zones.

I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property?

Also, there may be some tax benefits if they can qualify for federal funding based on low income. 

Yes, you will have to file the partnership tax return.

This approach ensures realistic pricing and helps avoid unexpected costs later.Good luck!  

@Marc Shin, Soundproofing is definitely something worth tackling for a short-term rental—it’ll keep your guests happy and help you avoid complaints.

In his words, this is away around the due on sale clause that you can run into in a sub - to transaction.My question - if the seller puts the property in a trust, will this avoid the potential of a due on sale clause?