A. You need to get with your tax professional NOW. If you do not have a CPA, I can refer you to someone that will give you a phone consultation for FREE to tell you what needs to be done. They will know how to structure this asset in a manner that will yield you the lowest net tax consequences.
B. If you need to rehab the house and are going to need a loan to pay for the rehab, DON'T START ANY WORK BEFORE THE FINANCING IS ARRANGED. People don't know that can be a problem so just be aware.
Contact me through my website if you do need a referral.
To know the ARV (After Repair Value) you need to talk to an agent who knows your area and can do the ARV estimate to know if that will be worth it, you need to talk to an agent who can provide this information for you.
Call at 561-715-1769, my cell phone and I would be happy to give you a free evaluation.
Irwin Lebow .................I am an on-site agent in Hunters Run and have lived here for 28 years.
Irwin D. Lebow
I may be interested in purchasing your property. I already have family in the complex. If you can avoid listing with broker, you could save money avoiding a commission. Also, I am a CPA and might be able to answer some of your questions. BTW, no need to rehab. I would wnat to chose my own decor.
Ken (201) 909-0090 firstname.lastname@example.org