Material participation in the rental activities still required. 

Hello BP Team…We have a contractor that left after the 2nd Draw and stole materials.

To qualify for active status on short-term rentals for tax purposes , you need to meet the IRS’s material participation requirements.

Does anyone have any good studying material for this exam or have any insight on what I should focus on?

Customer supplies materials ?  

Every project needs a quote and you should be able to estimate the material costs.

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

You can cover the wire mesh with drywall patches (they tape on wall and across the wire, white/paintable, different sizes) as the wire mesh is what will prevent the rats from eating their way into the property (the covering material is cosmetic only).

As others have stated, your fit & finish goals should be guided by whether you plan to:1) Rent: tenants don't always take care of a property, so you want to use lower-grade materials and workmanship.2) Flip: higher quality on workmanship and materials is usually required.Regardless, you always want to "Maintain to the Neighborhood".

Does anyone have experience with Ivory Home’s predesigned materials packages?