It’s not that STRs are the only ones eligible for bonus depreciation — it’s that they can offset a bigger slice of your income if you meet the IRS tests.3.

This is a list of all the paperwork I plan to collect so far:1) IRS Form W-92) Independent Contractor Agreement3) Scope of Work4) Payment Schedule5) Insurance & Indemnification Agreement6 ) Lien Waiver (after work is completed)(I have already gotten their license and insurance information)For the experienced flippers out there -- are there any other documents you normally collect from your contractors?

If you want to chat more I'd love to hop on a call, I am also a Charlotte local. 

Unfortunately, if any of the proceeds touch the seller's hand, the IRS sees it as taking a profit. 

The issue is offsetting the lump sum this year so it would essentially solve my problem for this year to offset the taxes I would pay, but I don't want to hop into something and have it not be the right fit because I was trying to get it done by end of year. 

The don't finance evert repossessed property but usually only the ones in the best condition.As far as being a Real Estate Professional for IRS purposes, its hard to do as it requires a minimum of 750 hours a years devoted to real estate. 

The IRS does not require you to organize your log by property, activity type, mileage, etc. 

What is their reputation with the IRS?

Feel free to reach out anytime, happy to hop on a call and help anyway possible.

I'll PM if you want to hop on a call and chat!