Okay did a wrap with a seller.Added as a additional beneficiary on the policy.Policy comes up in March.Insurance company was fine putting me as an additional insured but then the owner of the company calls the seller a few months after closing and said his employee never should have told her that.She doesn't have any written communication or a recorded call from the employee saying it was okay just the phone call before the closing happened.Now the owner of the insurance company says he wants to see the seller back on title before he will renew the policy.I mentioned I could add her as additional insured and she said the lender would be required to have her as primary.She is freaking out about the insurance issue and thinks the lender will call the loan.She wants a quit claim back to her and an agreement form her attorney that I manage it but still own it and I can buy her out at a later date.I told her I would not agree to this.We have completed substantial improvements to the property and have gotten out the bad element.What I have come up with I believe will shed light on her true intentions.I am thinking of creating a Joint Venture partnership or something similar where she is given 5% non-controlling interest in the property.This would add her back on title and then the insurance should not be an issue to renew.I am checking with an attorney on this now.Want to get thoughts on this issue.

NOTE: Currently injured from a work related injury, I don't plan on going back.I'm finishing my degree in Business Admin starting next month, and looking to get additional education in the Real Estate Field.I'm at the point of having to make this work!

Since I already have the buyer, I'm just trying to avoid two closings and additional fees.

If you are not taking in any rent you may consider this a second home and deduct mortgage interest and real estate taxes as if it was simply a second home.That would be why they cannot depreciate it.In some cases such as additional depreciation allowed on business(non-rental) assets you may take additional depreciation the first year.To summarize:They will not be able to depreciate it unless they are in a for profit activity.

Sometimes you can get an extension for an additional fee.

I know taxes will be additional but if I am throwing away 10.5K a year in rent, why not put it into an income property?

It's worth at least 300k but unfortunately it is in a historical area in the "bay of refuge" and the house has been updated with some unpermitted additions (of staircases and an extra bathroom.)

Hey Guys - It looks like we're going to have room for an additional panel at the BiggerPockets Summit and I wanted to turn to you for your ideas.If there is some kind of panel that you want to see, please share your ideas here.Thanks!

I actually had a small addition that had vinyl siding and used the same SW Duration right over that to match the rest of the house.

According to FHFA Pheonix MSA has 4401 homes subject to this program - how would you like an additional 4400 homes coming to market competing against your rentals - and that's a rolling inventory - so assume it is 12000 homes total per year.You do not think that will have an impact?