That said, weigh the cost of renovations against the potential increase in appraisal.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

I believe it's because the property is being sold "as-is," and they are unwilling to make repairs or negotiate based on findings.

If anyone needs a GC once the designs are done I can build/renovate the project.

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

Would need to know a bit more before giving a specific direction but it is usually best to hang on to your property and not sell whether you expand on it or rent it out and purchase a bigger property.  

Let's clarify this real quick,I understand this model wouldn’t work for every property owner, especially those who are looking to sell outright and walk away from the property entirely, and the approach isn’t designed to replace a traditional property sale. 

Towns in New Jersey can be wildly crooked and will try to assess you for things they missed on prior renovations before you even bought the property, which technically they can do.

Renovating usually means you need money to renovate.

We rehabbed the entire property and added an additional bedroom to each of the units.