I think getting your hands dirty gives you an appreciation and understanding that others never fully grasp; however, your body can only take that for so long so you gotta learn to play the short game.

It took some time, and it was a little rough at the start, but slowly he started to grasp the concepts.

I feel I have a slight grasp on rental property investing and managing and am excited to test my knowledge! 

@Josh F.Depreciation is not something that you would grasp right away if it is not your job to do taxes, (Let your CPA do all the hard work), but I get that you want to know the high-level.Generally, all the improvements to the property needs to be added to the basis (not repairs – Although repairs will have to be added if done before placing a property in service).All these safe harbors, bonus, and sec 179 is here to let us deduct cost rather than capitalizing it.Safe Harbor: If your improvement for a unit of the property (UOP) is less than 2500 you can deduct it. ( if you RE portfolio is big enough and you have audited Financials it's 5000)Bonus depreciation (100% going forward until 2023): Improvements to the building and system are not eligible for bonus depreciation.

In terms of equity, I did not have a firm grasp on that as a new buyer with this house.

Hi,I'm still trying to grasp the idea how the process works. 

@Teri B.My 2 cents is that trying to grasp the very complicated tax law on your own is a massive and usually unnecessary undertaking.

I will have a GC take care of the "major" things (I don't really know what is considered major).I looked all over the internet but cannot get a good grasp on my questions.

This is my first investment property and the taxes are more than I can grasp by myself and I don't want to make a mistake coming out the gate so if you are an accountant in Chicago and can help please send your info to me THANKS

You must have a good grasp on what your finished product should sell for.