We did a lot of modifications to our place and also had to our in all new furniture and some appliances.

But that eventually escalated into “unauthorized” modifications to our property and that resulted in crazy and passive-aggressive behavior when we started to object. 5 years later the drama started—confrontations, restraining order, police visits, but eventually we got him evicted.

I'm in Massachusetts, if that makes a difference, but I'm wondering what are the requirements for a new owner to be able to file a modification to gain the protection of the DPS status?

Servicers are not going to give people modifications this down turn, and in general if they claim they are unemployed there are few to no options.

I personally follow a slight modification of the Profit First accounting system that Mike Michalowicz lays out in the book. 

It's scenario dependent.For a rental property that you have owned for one full tax year, your Schedule E is nothing more than a profit and loss statement, and is taken as such, with a few modifications where we have better information than what's on the P&L:Note that we do not even look at the bottom line number, lines 21 and 22 are not directly used in any calculation. 

Because I have not determined the best way to address an addition or floorplan modification, I suspect my analysis may “double-capture” portions of some budgeted items (plumbing, electrical, etc.) and be way high.Sorry I don’t have actual pics of the interior, but I will post the county’s floorplan sketches.Subject Property Fast Facts:- Not a registered historic home, just very old.- 1890 Construction; brick (original house) & vinyl-sided (1-story addition) - 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairs- Originally a 3Bed/0Bath.

I am continuing to add value to the property over the course of this year I will allocating 40% of my saved income to refacing and replacing vital components of all three units!

The list is as vital as any contract.

Buying right and strategic renovations is still vital.