Assets identified in this study include:Bathroom Fixtures: Bathtubs, vanities, showers and toiletsStructural Components: Drywall, wood framing and interior partitionsBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileSmoke detectorsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

Quote from Account Closed Jensen: Hey Dina, The extensive repairs discovered during inspection could ultimately provide a tax benefit by increasing the depreciable basis of the property.

Having the money specifically allocated to a reserve account instead of having it directly contribute to rent is imperative. 

Just purchased a Pro account thinking I would have access to the whole library of Biggerpockets audiobooks.

As Account Closed said, all investments have the potential to lose money, but you also don't want to sit on the sidelines forever.

Hi Maura,Do you have a US credit, US based LLC and US bank account?

I agree that you shouldn't spend a couple of thousand dollars on an accountant if you have two small properties.

You should find a real estate accountant first.

Any founders & owners of fractional CFO, accounting, bookkeeping firm? 

Failing to budget correctly for repairs or not accounting for unexpected expenses can cause you to go over budget.