I added value to the deal by completing quick cosmetic repairs, allowing the property to be rented immediately and generate cash flow while preparing for ADU construction.

The other unit he rented to his daughter and family, they lasted 2 months and caused $5000, in damages to the brand new unit""3 years later over $150,000 of renos, he seems to keep coming to us with repairs after repairs"Sorry, but after her requested moving outlets for appliances, I would have said this isn't going to work. 

If you can own the property and pay a similar amount for a similar lifestyle, it's probably a good decision (assuming you can afford it if it doesn't go perfectly, needs repairs, etc.)With house hacking the rule of thumb is: The more uncomfortable you're willing to live, the better the numbers will be.

As I understand it 100% deduction on expenses that are soley related to the business or the rented unit, 50% deduction on expenses that relate to the general property as a whole ( mortgage interest, insurance premiums, common area repair expenses).

If a fish tank is in an upstairs apartment, a leak would cause damage to the downstairs apartment and double your repair costs (or more).

Pretty much you buy a property, then quickly sell it to another buyer without making any significant improvements or repairs.

Repairing well $16000.

I recently obtained a couple of quotes for foundation repair on one of my rental properties.

So the property I bought had previous termite damage and we are having it repaired and treated however.

Property management - to be profitable - relies on scalable processes and procedures.