Since this is a capital improvement, it doesn't follow the same rules as a standard expense, so you'd likely start depreciation in 2023.

I can give you an example in my market here in Cbus for SFH 1,200 sqft:Roof - $7k to $9k Siding - $9k Windows - $450/window labor + material Flooring - $5/sqft Paint - $3k to $4kStandard Kitchen - $7k Standard bathroom - $5k This is just a general idea from what I am seeing. 

Bloomfield does have high rents however there a pockets that are still not up to the standard yet.

They have a ton of equity >$100K, <3%, but older home in need of roof, A/C, and water heater in next 5-10 years.

Once a tenant decides they like your property, it can take a little longer than a traditional rental because Section 8 requires a property inspection to ensure it meets their housing quality standards.

@Jose QuinonesHow much is the water bill?

When I have done new construction between $500k-$1M in cost the contractor asked for 5% upfront, to be reimbursed at the draw that completes framing, and this was fairly standard in its market. 

In my opinion, the short answer is to use your cash and refinance it into a 'standard' loan if you are going to rent it or sell it when you are done. 

I told them I would bring them extra flashlights, batteries and water but they should get themselves perishables.  

We’re wondering if these fees and processes are standard for short-term rentals.