Now compare it to whatever you invested in, all of which will be taxable, and it might not make so much sense.

@Steve Podwojski Going from a multi-member LLC to a single-member LLC does not spark an audit in and of itself as long as you treat it for tax purposes within the framework of Revenue Ruling 99-6, which is the IRS' guidance for this very situation.Are you buying out the other members for cash? 

May or may not be worth it compared to the cost of fixing it yourself.If the answer is "no" then you should fix your wall.

If its 4 units or less the income approach which Cap rates are used not so relevant. residential units are appraised by per unit precises and CMA of comparable sales. 

Explain to a current owner of the benefits of being  a financer to you like delay the income for tax purposes, making the spread, and keeping some control,   Take out the insurance as soon as you close. 

These include loan payments, tax, insurance, utilities, etc ... incurred during the Rehab phase up until the property is fully rented.Jim you will find Cash Flow amounts are usually lower using the BRRRR strategy compared with normal Buy and Hold deals.  

Since we will likely be viewing several properties, at least one property per day while there, what can we deduct as an expense for tax purposes?

He said that NJ does not allow net losses on rental properties ; however, those losses can get added to NJ basis so he said he has to go back and review all my losses over time that may not have been allowed previously for NJ purposes. 

I am now in a contract position as 1099 and have the option to fund my own Solo 401k up to 55k, which is amazingly awesome compared to most employers just providing the individual limit. 

Hey BP Community,We have a home that has been in the family and has not been declared as a rental for tax purposes due to various family members and friends living in it.It has come time to sell, and the question is whether or not we need a 1031 Exchange in order to avoid Capital Gains Tax?