Since then, I've chosen the Couer d'Alene/Post Falls area and have already started working with an agent.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elementsBasic HVAC componentsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market. 

If you’re thinking about diving in, I say go for it—but maybe don’t start by living in a closet.

Is your income considered variable in nature depending on job sites and that you do not work a set amount of hours per week?

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

You could start by checking out Upwork or Fiverr—those platforms are great for beginners because you can create a profile and bid on jobs.

Project TimelineStart Date: [Insert Start Date].Completion Date: [Insert Completion Date].Working Hours Allowed: [Specify working hours, e.g., 8 AM – 5 PM, Mon – Fri].3.

You are off to a great start with your first one that cash flows. 

You can read about the differences here: Cost Segregation Study Approaches ExplainedLet’s first start with what the approaches:Detailed Engineering Approach from Actual Cost RecordsDetailed Engineering Cost Estimate ApproachSurvey or Letter ApproachResidual Estimation ApproachSampling or Modeling Approach"Rule of Thumb" ApproachSo which of these approaches is required by the IRS?