Quote from @Paul De Luca: @Samuel Pavlovcik Recommended.

Example: the famous $2,500 de-minimis safe harbor for deducting expenses that are normally depreciated comes, among other restrictions, with an anti-abuse paragraph.

Hi @Kathleen Park - Some of the best advice was provided above by @Paul De Luca...check the Chicago Residential Landlord Tenant Ordinace (LRTO). 

(PA, DE, NJ) But this is totally dependent on your location. 4) What type of loan product are you using?

However, improvements generally need to be capitalized and depreciated over their useful life unless the amount is below $2,500, in which case you can utilize the de minimis safe harbor to deduct those costs in the current year.

In Delaware, a 60 day notice is required to terminate a month to month lease.   

As a result, you will need to depreciate this expense over a period of time instead of deducting it in the same year.Because the amount exceeds $2,500, you cannot take advantage of the de minimis safe harbor.

A little background on my current situation:I just recently moved from Wetumpka, AL to De Pere, WI.

Quote from @Stephen De Vita: Hello, I am not sure if this is in the correct place to post this.

Quote from @Devin James: @Jay Hinrichs Developments are definitely BIG money makers, but thats also reflected with the risk associated.That's why these projects take so much time and capital, but if you make the right judgements for project selection, and do all your due diligence, it'll turn out well. my 90 home project in Oregon  started it as dirt before covid .. got 1st phase built then covid hit.. had to fight through lumber sky rocketing and other material shortages and the of course interest rate spikes.. but the project ( and I give credit to my Wife and my GC's attention to detail) has sold Very well for record prices and profits .. its de risked now 22 lots left 13 are presold with big non refundable deposits and only 9 lots left that have no debt..