Is rehabbing in your blood- the actual doing of the drywall, pulling rotted flooring, getting in the messy of it?

It'll be owner occupied.So here's the poop:150y/o brick 3 story. 2000 sq'Needs: New roofpartial gut8 new windows (4 "historic" inserts)9 repaired windows2 new exterior doors and 1 rotted sill replacement.all new plumbing (3 baths 1/2, full, 3/4)mostly new electric (if only to sleep better)new furnace (though there are two on premises)A/Csome refinished floors, some carpetnew kitcheninsulationframingdrywallWe'll also want to deal with a concrete patio that's draining water toward the foundation before it causes problems.The place is in a transitional neighborhood (i.e 1 block away $300k homes and $150-275K condos, but plenty of ratty joints too).

Some books I enjoyed include "The unofficial guide to real estate investing" (Kind of dry though) real estate riches by dolf de roos, and the ABC's of RE investing by ken mcelroyI have an audio CD thing from Robert Shemin which in my opinion is absolutely fantastic - especially with negotiation skills.

When you get into itemizing deductions, it's not quite cut and dry like a 1040 short form.That said, yes depreciation is a deduction but only on the building not on the value of the land, this you can find out from the county tax assessor.

-Let it all dry and then replace the carpet and tile or lino-Replace all the switches, plugs and vents to matching white.

It's not that cut and dry but it seems that this is not unheard of.What I imagine is that I will offer to pay the family to take this off their hands.

I think it is alot easier to the property to be taken away or claimed and you get left hi and dry because of this interest only.

Have a attorney review you docs for accurancy since if your trust or beneficiary agreements are not updated you could very well have a dry trust which means it is not a trust at all..Another point I would try to hold your beneficial interest as an corporate entity such as an LLC or C corp whatever company structure you are operating under since this provides very prudent asset protection and no legal advice intended.If I can help further feel free to contact me my info is in mysignature file and good luck on your LT deal.

the basement is 300 sq ft.2) main level flooring is uneven and/or warped (dry rot issue perhaps?)

Every fall and spring it get's hard to make ends meet and I don't want to go through one of these dry spells again.