While you will need an engineering company to complete the Studies, you will need a tax preparer to file Form 3115 to do the catch up, as suggested above.

The fact that you were able to rent the property after a full gut renovation indicates a good return on your investment, and refinancing after the rehab was a smart move to recoup your cash and prepare for future deals.One key observation is the challenge of rehab budget overruns.

Hi @Ryan Montbleau, good post and I'll venture forth with some info.

Be prepared for higher rates/and or fees though.

This is a great example of how tax planning is as much or more important than tax preparation. 

Prepare your finances, including a strong credit score and a down payment.

Welcome to BP and good luck with the new ventures. 

I'm taking a more conservative approach for now as I'm inexperienced and need to be prepared for any unexpected costs, Thank you Nathan:).

Plus, if you continue to acquire more properties, you’ll have a solid, legally sound lease to use without having to worry about your license being in jeopardy.Good luck with your new venture!

thanks - the above average properties will be seen and snapped up ...if interested in buying another property - get  pre approved so you can be prepared  to make an offer if a good property becomes avaiable - good luck