If you're going to be adding rooms, you may have to upgrade your septic tank.

In the case I was looking at, you would be adding hardwood flooring on both the upper and lower level, too.

This is true regardless of whether the properties are owned corporately or personally ... though, if you own them personally, the income will be added to any other employment income you earn and you could find yourself in a tas bracket where you do not really want to be.

And if i ever have a roommate again I will write in the Lease (roommate "rules" are allowed to be added to leases) very specific guest policies.  

Ours states if a guest resides on the property 14 or more days, consecutive or non, they're considered a tenant and have to be added to the lease. 

Upgraded the 25 yr old furnace & then they offered to pay for central air to be added to the install.

Heck, they may not even be only brand specific.As far as the fan lights, get a fan that will accept a light "kit," and use whatever bulbs you see fit.I don't see why a tenant needs a dimmer, but to each their own.My point is there a definitely basic fans that fan controls and light kits can be added to and operate independently of the other device.

@Katie AndersonInteresting to see the differing in answers above.It depends on the type of expense that you are paying at closing.Some items are capitalized into the cost of the propertySome items are currently expensedThe other items are escrow payment which don't get added to cost of basis or currently expensed.Items that would be added to cost of property - title work costs, stamps, etcItems that are currently expensed - if you pay real estate taxes or home owners insurance at closingGood luck!

The only real variable to “adjust” would be adding back in depreciation for equipment or real estate, I believe.The additional credit inquiry shouldn’t make any difference, shopping multiple lenders for real estate is expected, and treated as one inquiry.Yes, you will need another appraisal.

Therefore, my preference is to use the LLC for all mortgage contracts, including for the seller financing, so that partners can come and go in the future and names never need to be added or removed from loans.When I recently had the second mortgage contract drafted and sent to the seller, he reacted negatively to seeing the contract between himself and the new LLC instead of between himself and me personally.