This is because the management company does want to rent the unit when you are not there, so both parties can profit from the rental income.Each condo hotel property has its own residence restrictions that indicate the maximum amount of time you can live in the property.

If the property is not producing an income after expenses (assume 50% of the gross scheduled rent is paid back out in expenses) then the tax deduction will only marginally improve what is likely a bad deal.Are the deals you are considering profitable and you just want to take advantage of the tax code?

Therefore, if this owner was a successful landlord, why would he sell this property to at a big enough discount that it will cash flow when he could simply sell it to a newbie at retail and maximize his profit for retirement?

Where are your rentals and are they profitable?

Originally posted by "thirdcoast77511":Big profits are made from Big Changes in the market!

Who other than me really cares whether or not I make a profit?

Assuming the numbers are okay and there is profit to be made, find a hard money lender.

Note that this deal was my most profitable ever but it was luck more than planning.If the location is really good, if the unit you are buying is a prime unit, if you are well positioned to complete on you side of the deal and if the developer is solid then make a decision and move forward.

Looking at taking a profitable hobby to more of a wealth creation / full time endeavor.

I only ask that because the chances of making a profit are not good when you buy a junior lien at the auction if you have to cover the first as well.Maybe thats another thread. lolTo the author..... read these replies and take them to heart.