It needed a new roof, new septic tank, water heater, well pump, hardwood floor refinishing, light reno in kitchen (paint cabinets, replace countertops, 1 new appliance), full bathroom renovation on 2 bathrooms cleaning up wood rot on siding, painting exterior.

I could see them implementing it for 2024 still with the ability to depreciate the remaining basis on a property that was 80% depreciated in 2023, but it's likely a bit much to have everyone go back and correct 2023 at this point.

Now it comes down to implementation and grit on your part.

New paint, Floors, Kitchen, Bathrooms, Hardware, Windows, Light Fixtures, and Appliances.

He sells them for tens of thousands a pop and generates revenue of over $1M a year and has no overhead except his electric bill in his basement for the lighting, a part time employee and of course the food.

What investment strategy are you looking to implement in the market?

These developments offer the amenities and privacy of single-family homes with the flexibility and affordability of rental properties, filling the “Missing Middle” gap in the market.Another trend that has emerged is the use of light gauge steel construction, which offers durability, efficiency, and cost-effectiveness.

For example, doing some light stuff for a couple of hours on the weekend probably does not qualify. 

So, we tread lightly with these issues but we will enforce them.

. $20k has felt light to me as well, and I love the idea of having an emergency fund for each property I own.