Are they in distress, relocating, or simply tired of the property?

The reality is that imposing expensive and time-consuming sprinkler installation requirements will drive property owners to either scale back necessary renovations or avoid permits altogether.Currently, when owners propose substantial renovations, they are often informed that their projects will require sprinkler systems, which can cost around $45,000 for a typical three-decker.

For example the HA will inspect the property every year to make sure it is up to standards. 

Here is what I have done to increase the revenue per month by average $1,741 versus the comp set properties of the STR owners I consult with.

The series is a link for plaintiff attorneys to look up every property in the series.

@Juan PerezCongratulations on paying off your first home and transitioning it into an investment property!

As for the increase in rental potential on the properties.

I realized I have deep experience as a renter... across multiple markets, city councils, market classes, and building types (I'll list below) over 3 decades and 9 properties.

You'd do one schedule E with a business use percentage of 3,300/4,000 or 83% You'd set up depreciation with the full amount of basis, and set business use to 83% The reason two Schedule E may be helpful down the road is if you plan to sell the property. 

Run a test at the property for radon levels once the fan is in working order.