There were floods in Texas. Apparently this has caused a sinkhole under a rental property I own.
Quote just came back at roughly 50% of the purchase price, to fix it.
As far as I can see my options are to fix the problem, or write off the house. House has been rented solidly, made a decent return, but obviously adding ~50% to the cost will make the numbers much worse!
I am assuming that a foundation repair would be treated as an expense, so it would directly reduce my income for this year. I assume writing off the house would be a capital loss.
As such, and while it is painful to contemplate, I think my only real option is to get the foundation work done.
Thoughts/suggestions?