A casualty loss is defined as the damage, destruction, or loss of property resulting from a sudden, unexpected, or unusual identifiable event (e.g., car accidents, storms, floods).

That's a very satisfying result - we have also personally benefitted from the fantastic growth in Richmond. 

These results are illustrated as follows.Amount realized

I don't know if it was the conversation or an additional $50 actually carries that much weight but I was stunned by the results!

One thing I think I did learn yesterday is that based on my original calculation, putting the $250k toward the investment portion would result in taxable book on the mortgage payoff of $35,000 because no equivalent debt will be left on the investment portion (only the mortgage debt acquired to obtain the residential portion of our purchased property).

A lot of landlords are advised to put their properties in the name of an LLC for asset protection.While this is basically true, the reality isn’t what most landlords think.If a legal issue occurs with your property resulting in a lawsuit, there’s a decent chance the plaintiff’s attorney will be successful in “piercing the corporate veil” of your LLC and being able to sue you directly.

@Dave Fairb I have been in touch with the HR folks at a large hospital near our apartment building; we have had doctors and nurses rent from us as a result, they have been great tenants.

To me being an agent for all these decades .. its a lifestyle choice .. its not a job per se. mainly the more successful you become as an agent the busier you get.. there are so many perks to being a successful high producing agent FAR in excess of just the commission income. 

I understand both of these options may result in higher rates than conventional.

Also, do not rely on the rapid increases resulting from COVID; these increases are not sustainable.