The lenders will want to see tax returns . 

The critical deadline is your tax filing deadline, not the calendar year-end.

Nick,Thank you for reminding everyone to check with their tax strategist.

Quote from @Sheguina Dravk: It depends on the situation, but self managing if something where you have the ability to learn from your mistakes and then take it from there!

The cooking situation might be a bit different since they need a Commerical kitchen and that is a lot more work, permits and everything else.

I’m originally from NJ and have sold real estate there for years and I’ll be direct: North Jersey is tough for cash flow (high taxes, high prices, tenant-friendly laws).

Appreciation is tax deferred.  

That’s a complex situation with a lot of moving parts (ownership structure, tax implications, capital needs, rehab budgets, local management, etc).

That’s a tough situation, especially this early on. 

Having a legal occupancy alone isn’t always enough for appraisers or lenders.In our situation, the mortgage officer/broker went the extra mile and got a letter from the City Zoning Department.