A cost segregation study looks at the overall building that you purchased and breaks it down as much as possible.The purpose of this is to increase the depreciation expense.Without a cost segregation study, you are depreciating the property over two items(Building and Land).However, a cost segregation study might identify items such as fencing which might be eligible to be depreciated over 15 years instead of 27.5 years.Depending on the year that the building was placed into service, you might be able to take bonus depreciation on certain items.The follow-up question to ask your CPA is will the cost segregation study help me, and by how much?

If you're ok with roommates and generating some leases, ground rules, and interviewing folks before they move in, you really can't go wrong with house hacking.

For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

Also, consider the potential for appreciation and rental restrictions, as some HOAs have rules that might limit leasing later on.Given your $20k starting point, a condo could work well as your first step into real estate, especially if you focus on one with a manageable HOA fee and potential for appreciation.

I have a client with 500 acres that would sell or lease the land. 4.

Use a good lease Have proper insuranceAdd an $1million umbrella policyAnyone can sue for anything, but winning is another issue.

- Any suggestions for backup strategies, like selling undeveloped land or leasing, if the market or project plan changes?

Setting MTR leases to end in May or early June gives you time to prep for the summer season.

Rent a storage unit in a nearby town, ship all items to storage unit, pay someone to then use the items to furnish the home or make a weekend trip 

It’s more risk because no way I could have it leased before my 6 month leaseback is expired.