Subtract that, then subtract the mortgage, and you'll be more than $500 in the hole.

It’s a tunnel not a hole.

I received an absurdly high quote to turn my rental, and wanted to get everyone’s opinion on the cost range something like this falls in:-Needs some LVP put down where some of the boards are coming up (probably 1 room worth of materials)-Needs touch up paint in 4 rooms (average bedroom size)-paint 2 of the kitchen cabinets -clean bathtub (as well as general house clean)-fix minor nail holes in wall

Tenant cannot use rest rooms until the drainage is fixed.

Can anyone tell me exactly what part of sec 469 of the tax code that explains what qualifies you as a real estate professional? I am having a disagreement with my CPA. He says that you have to have a 7 days or less on...

Two family house Purchase Price: $880,000  Intend to sell for $1,380,000Current information:1 FL rent: $26002 FL rent $2300Mortgage payment: about $3000/month (inc the property tax)Utility: appx $1800/ yrReasons to sell: slope down drive way, easy to get flooded, flooded during last hurricane Ida @ 2021,  bad storm/sewer drainage in the area so flood likely to happen when there are heavy rain fall (with the weather nowadays, I'm afraid crazy weather will happen more often), need to renovate 2 floor (maybe $15-20K with cosmetic work, etc)Reasons to keep: nice location, nice neighborhood, quite and good school district, okay cash flow, Cons with selling, I do not live there 2 years period out of the 5 years time when sell, so I m NOT eligible to use the capital tax gain reduction (250K/person).

I did verbally told them that I would give them 1 month rent of compensation, until when I review their submitted information, I do not see myself responsible for the items they have claimed except some inconvenience time as described in previous post.I have to admit this was a stupid hot-headed talk, not sure if there is a way to get myself out of this hole.

I’ve helped tons of investors dig themselves out of holes that other agents recklessly buried them in simply because they wanted a quick sale.

Not that scaling is a bad thing, just that the bonus depreciation will dig a deeper hole for the user the following tax year, since they won't have the regular depreciation on that asset any longer. 

Doing so before you have possession may get you deeper in the hole as you have said.