Quote from @Tim Delaney: @Marty Boardman thanks for sharing - just to be clear you put all your expenses related to the house under one capital improvement account t (Wip) and do not bother breaking them down into categories like kitchen and flooring and paint, etc?

Is it the repair is to fix the it and make it functioning, and replacement is to improve and add more value to it? 

As rental rates progressively outpace expenses over time, the growth in cash flow can provide a reliable income stream.In line with my investment approach, I focus on these three key metrics when conducting property analyses:Initial Equity at the End of Year One:This equity can result from either a down payment or improvements made during a rehab phase.

If the meetup is directly related to growing your side business or improving your skills, expenses like registration fees, transportation, and meals may qualify as tax-deductible business expenses.

If you can't evict tenants to knock down a property, and/or remodel it, or otherwise improve the property... you won't. 

With a favorable market and minimal improvements needed, we saw a profitable opportunity to capitalize on the high demand in the area.

I am eager to engage with like-minded individuals who are focused on improving their financial situations.With a strong background in sales, I’m also interested in potential collaborations, particularly in wholesaling properties, where my sales expertise could be a valuable asset.I look forward to connecting with those who share similar goals.Best regards,Dan

@Dan Stelmach You can reduce your capital gains by writing off expenses like the $25K in improvements, closing costs, legal fees, and real estate commissions.

For the ground floor (non-permitted) we need to do some bathroom improvements which are not presently to code.

I am eager to get started on locking in my first investment property and have questions on what my best approach would be.I own my home and have been making slow improvements to it over the last year I have had it.