Include clear descriptions of the reclassification of assets, your supporting calculations, and the methodology used.Misclassification of AssetsAsset misclassification is a common error, but it’s one that can cause challenges during an IRS audit and result in incorrect depreciation schedules.When assets are incorrectly categorized, depreciation deductions may be overstated or understated.

It’s a smart play if you’re trying to defer taxes without taking direct ownership.The step-up in basis at the end really makes this one of the most powerful multi-generational wealth strategies out there.

Simply put the concept of live in one unit rent out the other is not a strategy, there is much more to successfully house hacking in NJ. 

My agent said that the other units don't look like the one they showed and the mechanical aspects to it are older.. but I'm still thinking about it! 

The second one was purchase with private money and significant personal capital investment on our part.

Thanks Michael, I only got one quote so far in the local area and it just seemed higher than what i was expecting (i had a similar property under contract last year that was less than half the premium).This is only a minor thing but its my first so just trying to doing things the right way and tick the boxes.thanks for your advice

.- One was a land developer who just foreclosed on 120acres of land.

I am not sure if there is one or two water heaters. 

Here’s how I helped streamline property sales pipelines using Make.com and ClickUp:1️⃣ Centralized CRM for Real Estate I built out ClickUp as an all-in-one CRM.

And one of the things I've been told is that there is no seasoning for refinancing which contradicts what you said about the two year period.