Hi Stevie,Oh yes, I’ve bought five old houses and learned a ton along the way!

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

It is booming though, but they are also building a ton of apartments there.

Costs have escalated sharply, water up 25%, electric up 30% and natural gas up 33%, and at one property insurance went up 400%.

After utilizing the Do Not Call Registry for phone numbers, my list is cut in half, to about 3,000.

However, if you want to flip you may be able to make irregular chunks of income quicker that can make up the difference.Which leads me to the utilization of your equity.

I most definitely 2nd getting the utilities mapped first before digging.  

I have a ton!

@Collin SchwartzYou are a cool guy for putting on all of the Omaha meetups and you have done a great job in a very short period of time.I met you at one of your meetups last year, but work, family, and my investment properties have kept me too busy to attend recently. 

There are strategies that you can utilize here that can make it easier as well.