Updated almost 9 years ago on . Most recent reply
Semi-retired RE investor in N. Michigan
Hello all; I've used this site to search out answers in the past and am now joining. I landed back here in a search for tax advice on cost basis. I recently down-shifted to part-time work in my career as a money lender. We have 4 houses in 4 different towns; Atwood, Charlevoix, Central Lake, Bellaire. It's a N. MI thing I guess, we are accustomed to driving 30 minutes to get anywhere! Just closed on 5th house, this is second one in Bellaire MI. This one may be a rental, but we are considering living in it and renting out current home. If we do that I am sure i'll be back for tax advice on converting from personal residence to rental property. I am 52 and using rental income to bridge the gap after switching to part-time work until I turn 59.5 or maybe until SS starts at 67.
Best piece of advice I ever received was to take a look at the potential renters car - how they keep their car is a good indication of how they will keep your house.