LVL material, preference for an open floor plan, make this renovation very popular.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elementsBasic HVAC componentsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps."

I would underwrite buyers based on stability of income, financial payment history & ability to pay.

https://treas-secure.state.mi....some things to keep in mind:-Non owner occupied properties pay 18 mils more in taxes in Michigan - Even with the SEV you should plan that the SEV will go up.

Their entire business plan is wait a few days to come out, charge  deductible, go back to the office to order a part or two that will come in a day or two.

We have a development coming up for approval with the county adding over 100 units bordering our small town and you can bet everyone that lives in our town is upset about it. in the end though, the planning commissions in our area tend to follow the letter of the law so to speak, so if there is nothing in ordinance barring it, they will approve, generally.

also if you plan on purchasing these mobile homes to place on the lots.

My current plan is to stabilize this rental and aim to buy one property a year. what do you guys think of this deal and strategy?

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."