Then, this profit/loss will be added to your income to determine your final income.So, if you had a “bad year” (high vacancy and/or lots of repairs/deductions), you may wind up having your rental portfolio actually reducing your overal debt servicing income.

@Travis OdetteThe net rental income would be added to your taxable income if the amount is positive.The goal, if possible, to make that amount negative with the help of your expenses including depreciation.

In general: (1) I think we will need to hire a foundation company to seal the foundation, (2) I think we need to clean the place out & that will take a minimum of 4 dumpsters, (3) the flooring needs to be replaced throughout the house, we need a good flooring guy to go in and get that done, (4) the heating system needs to be replaced, (5) the radiators throughout the house need to be replaced, (6) the kitchen needs to be re done (new cabinets, new counters), (7) the bathroom needs to be re done, (8) walls throughout the property need to be finished, there is bare sheet rock everywhere, (9) trim needs to be added everywhere, (10) staircase rails need to be added, (11) the entryway needs to be completed, (12) front door needs to be replaced, (13) electric needs to be upgraded.

You can, if you want, put a bead of glue on each plank as you install them to keep them from ever coming apart.

When you go to refinance, an appraiser will decide what your home is worth and this will be added to the land value.

Id likes to be added to there list. 

I’ll be adding a Mudroom / laundry room and kitchen to one unit and renovating the kitchen in another unit within the next 30 days.

If you are considering a duplex or triplex, a portion of the income from those other units can be added to your income so that you qualify for a bigger loan. 

I will be adding those points to another article I am writing on how to evaluate a real estate sponsor

@Justin Anderson @Avery Carl so I would not be added on title until/unless I’m a 50% equity owner?