Not sure what the gap between those two dates are) will be added to the property basis, and whatever you spent after that could be expended. 

Hello All,       I know there has been a lot of discussion about AB 1482, and after finally reading through the full bill, I am still a bit perplexed as to what "Provisions" need to be added into new leases or as addendums.

Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the deal.Lender - advise you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon.203k Consultant - The 203k Consultant determines the scope of work and pricing for the project and inspects the completed work; the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above).Contractor - strongly advise you to select a contractor with the accreditation as a Certified 203k Contractor; keep in mind that the contractor does not necessarily determine the pricing for the project (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, forms, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.You're only as strong as your weakest link.

You're buying with less than 20% down, so you'll have to owner occupy for at least a year.Regarding your analysis:Why do you think you'll be adding $30k of value with no improvements?

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Some renovations can be separated out and expensed all at once so they don't have to be added to the value and depreciated over the 27.5 years- I would start by bringing it up with the CPA and asking them. 

We have already started with some of the basics we have learned from SFR but will definitely be adding the attorney and multiple contractors if we make it to inspections.

It will all begin being reported on your 2020 return and the closing costs, most renovations ect will be added to the basis and depreciated.  

That is something that will be added to our future leases starting today.  Great input 👍🏻

From my perspective I will be adding value to myself therefore it seems smart.