In contrast, a repair would be a smaller fix that maintains the roof’s current condition and is deductible in the same year. 

I’m looking for a checklist of everything to buy and do - from installing a smart lock to stocking kitchen basics.

It is very crucial to have someone who knows real estate, not just rentals to help maintain the books. 

I wouldn't be in a hurry to pay off my primary. 7% isn't ideal, but you can get more return in the stock market.

The biggest problem is constant litter and dumping by non-tenants and petty vandalism.Even in this neighborhood, I believe that because we maintain our buildings well and are willing to do payment plans, we have four (of 8) tenants with B.S. degrees and a fifth in his 3rd year of a BS.

Over that period you could do better in the stock market.

What will it cost to furnish the unit and keep it stocked with consumables?

Examples of common objections include needing to discuss with a spouse, feeling it's not the right time, uncertainty about the location, or having funds tied up in other investments like a 401K, 1031 exchange, or the stock market.

Document Valuables: Maintain detailed inventories with photos.3.

If you have a stock portfolio and or retirement accounts, most brokerages will allow you to borrow up to 40% of the portfolio's market value.