@bob_brown wrote:
Ok go tear the bathrooms apart and tear the flooring up and see if you can rent it out. Maybe below market rate.....and then there are rules to prevent you from renting it below FMV.
1) I have actually seen units being rented out under similar conditions. Provided the county, or local authority, does not flag the property or otherwise indicate that it is not ready for occupancy, the property can be rented to a tenant.
2) Obviously, if the property is in poor condition or being remodeled, renovated, or rehabbed, the FMV will be adjusted accordingly. In other words, a property with a FRV of $1,000/month in perfect condition might have a FRV of $500 in poor condition (or in the process of undergoing renovations); FRV is always relative.
