What is the age and condition of the property?

Quote from @Michael Lynch: People rarely talk about the amount of effort involved in operating a STR.Never sell a property unless you have a clear plan to reinvest the money into something that will perform better or move you closer to your goals.

Hi, I just want to understand if I bought a property (quad) and received rent while I started the capital improvements .. can I deduct the expenses of the rehab still?

I'd love to do it scared and take a risk with a small property to get my feet wet and build my confidence.

To manage these rises, you can adopt a few key strategies to control expenses and maintain profitability:Accurate Budgeting and Contingency Planning: Start by creating a detailed budget, accounting for current labor and material prices.

I am a single mom but have been working hard to become familiar with this new world, and my long-term goal is to buy more rental properties over the next 10 years.

I’ve been looking at data on rental properties in Destin and Panama City Beach, and certain amenities seem to drive higher booking rates.

After extensive improvements, the property sold for $425,000 on 05/30/2024.

Because he/she will know the process of buying / selling properties so they can be better suited to ask you the right questions.For example, since I acquired properties in the past, I know the ask clients if they got a home inspection/appraisal / survey prior to closing on the property.

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the current bonus depreciation rate at 60%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.