That was helpful but I believe I need to report the remodeling costs now not when I sell as advised by Matt.We have a continuing discussion about this and I believe the rules for 2014 changed as well, so you really need to seek proper advice.However, the discussion we've had goes along the lines of whether we made a repair or replaced something, as to whether we can take the deduction.

Account Closed, this is the area of his expertise and he assisted some of our other clients with those issues/questions. 

I have two deals I need assistance with. 1.

Can anyone assist me with this problem?

Purchase price is 102 (assuming you only take a modest 2k fee)102,000 + 20,000 (est rehab) + 4,000 (contingency) = 126,000126,000 + 1,200 (3 mo holding cost assuming a cash purchase) = 127,200 ARV = 150,000 (real sale price will be closer to 140,000) 140,000 - 8400 (realtor fees) = 131, 600 131,600 - 127,200 = leaves a 4,400 profit, assuming the buyer needs absolutely no assistance 

Thanks,I will enjoy these helpful assists. 

Your other opportunity might be someone going to assisted living or downsizing to a condo.

I'm hoping to get some assistance to grow and learn. 

Hello all! I am in search of the best program/software to fit my needs.  I have a small portfolio of 3 units currently, but looking to grow to around 10 next year.  With 3 units, I haven't had too much accounting to d...

Again I'm new to this I'm just seeking some help here.