If there are changes you want to make then send your tenants official notice of those changes via in person delivery or certified and regular mail along with a copy of the new lease.

You could easily niche into that via even just the legal realm and would probably never have to step outside of it.

Benefits include immediate tax savings via bonus depreciation (60% in 2024), but depreciation recapture tax applies upon sale.This post does not create a CPA-Client relationship.

Duplex can always add additional units via the ADU laws. 8) Related to number 1, purchasing a property with an existing ADU is cheaper than buying a property and adding an ADU.

I didn't realize Lula was a standalone company, I had only heard of it via TurboTenant.

I'm going to try to post snippets of things I've learned this past year as a way of paying it forward and gratitude for all I've learned and keep learning via this community.

I'll reach out via pm with some more info on the general process.

ALSO, I have not had to do an eviction following a partial payment agreement (so I don't know exactly how that would pan out in our courts), all of my tenants have so far completed their payment agreements as signed.Multifamily Northwest has forms for these types of things available via the Rental Forms Center at https://rentalformscenter.com/ Their forms are typically well reviewed by local attorneys; as you'll note, on the Partial Rent Payment Receipt there is verbiage specifically about if the landlord has/has not served a termination notice and reserving the landlords right to eviction if the agreement is not completed. 

Unfortunately I unvested with them (via another syndicator).

Quote from @Ian Ippolito: Quote from @Michael Plaks: Quote from @Ian Ippolito: Quote from @Rud Sev: 3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture.