This hands-on experience helped us develop some DIY skills and boosted our confidence.In 2020, we bought a single-family home that we’re currently living in and rehabbing.

Looking to learn the foundations of investing, DIY renovations and profit-making.  

We've kept costs low by doing a lot of DIY and being our own GC, which I would not recommend to everyone -- it's really a second job for a year or however long.

Quote from @Alex K.: It's a personal decision for the PM.Personally, I apply income to "must-pay" charges first.

NEW TENANT GIFTSHere's what we give new tenants.....Cleaning Bucket with Cleaning Supplies:white vinegar, baking soda, awesome degreaser, disinfectant wipes, carpet spot cleaner, magic eraser, all purpose cleaner, scrub sponge.Tote Bag with Useful Items and Tools:hand soap, paper towels, plastic garbage bags, toilet paper, toilet plunger, Zip-It (strip for clearing hair clogs from drains), plastic clothes hangers (6), shower curtain liner (good quality cloth one), laundry detergent, dish soap/dish detergent, cutting board, "Freeze the Grease, Save the Drain" kit, “Recycle” bag for collecting materials for recyling, magnet with our name and contact information, picture hangers.Refreshments In the Fridge (for move-in day): several bottles of water, healthy snacks, bottle of sparking cider with a welcome note attached.Larger items: Welcome mat, shoe tray.

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.

Last house I did - purchased for 150k - put about 10k into it (And this was primarily DIY work - saved probably 15k doing DIY work).

If you find a problem, deal with it immediately by making the tenant correct it within X days (and verify with another inspection) or remove them from the property.Most DIY landlords lose more money to simple mistakes than it would cost them to hire a professional property manager.

Or maybe a factory built kit.

@Steve K. It