Finally, in the event of default, as we work through the grace period we could get the deed recorded in our name before we sought a new buyer (if we couldn’t get the current buyer back on track).Obviously I’m getting the sense no one here’s a fan of skipping recording, I’m just wondering if these additional aspects change the calculus for you at all. 

These expenditures are capitalized, meaning they are added to the property's basis and depreciated over time.Examples of Capital ExpendituresBuilding Additions: Adding a new room, deck, or other structural improvements.Major Renovations: Remodeling a kitchen or bathroom, replacing the roof, or significant electrical and plumbing upgrades.Appliance Replacement: Installing new HVAC systems, water heaters, or other major appliances.Structural Repairs: Replacing the foundation or significant repairs to the building’s structure.Labor CostsLabor Costs: The costs paid to contractors, electricians, plumbers, carpenters, and other professionals involved in the renovation are part of capital expenditures.Example of Capital Expenditures with LaborSuppose you renovate a rental property, including a new kitchen and bathroom.Materials: $15,000Labor Costs: $10,000Total Capital Expenditure: $25,000This $25,000 would be capitalized and added to the property's basis.

Here was a breakdown of the work done: - Updated the kitchen- Updated (2) bathrooms- Took down / opened up walls to create an open floor concept - Added LVP flooring throughout- Added new paint and trim - Currently negotiating prices to update the roof What was the outcome?

I'm exploring alternative financing options and would greatly appreciate insights or experiences in similar scenarios.Key Points:Property Location: Cahokia HeightsPurchase Price: $17,000Rental Income: Approximately $1,500/month via Section 8Condition of Property: Updated plumbing, roof is in good shape, needs AC unit, paint, flooring and cabinets and counter topI'm considering reaching out to private lenders but would like to gather opinions on:Feasibility of securing a mortgage for a low-cost property.Attractiveness of this deal to private lenders.Any creative financing strategies that could be applicable here.Legal and tax implications I should be aware of.Potential risks and how to mitigate them effectively.Any advice, suggestions, or contacts in the private lending space would be immensely helpful.

I am happy to help Yes I have 200,004 dollars to invest, thanks.Cool, feel free to reach out, Happy to help, I have everything " under one roof" .

Saw a house with a For Sale by Owner sign in a yard with tall grass and after some drama, we have a house.We have dealt with long term rentals for over 15 years, but not aggressively ( keep them rented and do some improvements ).This "old house" needs, updated HVAC, new roof, new kitchen, some broken windows, upgraded electrical, water run off issues...I'm just starting to clear the house out with multiple dumpsters and starting to get quotes.  

The newer more renovated houses will continue to rise but I feel at some point mine will appear as an old dated house that somebody looks at and will want as a cheaper place to fix up and renovate.Other than this, I don't really enjoy the out-of-state investor aspect of relying on a property manager when this was always a hands on investment for me until I moved away.

Building is in great shape - metal siding, metal roof, new HVAC unit in 2018.

I am up in the South Hill area and not in the valley so it may be impacted less in that aspect. :)Speaking of Mt Rainier, I just summited this last July and highly recommend!

It is a great place to meet new friends and learn about various aspects of real estate and more.Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersWishing you the best!