Reasobable terms are relative, but that's a pretty serious budget for a property valued at $55K.

Depreciation for what is left after bonus depreciation, the building itself, is indeed prorated, however it's a relatively minor factor compared to bonus.And read this post please, since there could be other things not mentioned by influencers: https://www.biggerpockets.com/forums/51/topics/1122635-the-s... 

Hello BP community,I am a relatively new out of state landlord and I have a rental on the market in Bluffton SC, which has been hard to get rented.

This is where most projects go south....If you and your Contractor are not on the same exact page regarding what you are expecting to receive and they are expected to provide, then you are doomed to fail.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

Have you clicked on the "Get Started" link at the top of the BP page?

I had looked for the relatives of the deceased owner before with no success. 

I think when everyone is on the same page, it saves a headache. 

I have two separate but related questions:  (1) What are my obligations to my tenants while the house is uninhabitable?