Quote from @Surya S Kumaresan: Hello Folks,Hope 2025 is off to a great start for you all!

Then you can start to figure out the best course of action.

For those of you who are starting out and want to learn more about real estate depreciation and cost segregation! 

Im now starting to doubt wether or not Cleveland is actually a good market to invest in?

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

Most larger communities will have a Homebuilders Association, i would start networking to find a builder that can finance the construction. 

As you start changing HVAC, windows, etc your budget certianly goes up.

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

But, I had a vision, and I had a decent chunk of capital to start with (don't worry, that didn't last).

Nashville is such a great market to get started in!