Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

It's a good idea to consult with a real estate attorney to ensure everything is legally binding and clear to avoid future disputes.

To ensure you’re not overpaying, compare these quotes to typical rates in the area using resources like HomeAdvisor or Thumbtack, or by reaching out to local contractors for ballpark estimates.

Additionally, those forced to relocate due to the fires should update their address with the IRS to ensure they continue to receive relevant communications.

Not to mention the economic development steps the town is taking in ensuring the growth of town (roads, schools, zoning) stays on par with the future expected population growth and new jobs that are going to be a result of the new factories opening.  

Made sure to check the ledger and T12 to ensure that the tenant was qualified correctly before purchasing the property.

If you go that route, ensure to use a Qualified Intermediary to handle the sale/purchase otherwise there will be no 1031 exchange. 

Budget these carefully into your overall project plan to avoid surprises.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.

To maximize returns, ensure compliance with local regulations, prioritize owning the land, and offer student-friendly amenities.