We have some capital and are looking to possibly purchase a small hotel.

Thanks Meghan, this would be my first purchase so looking to start with a smaller sq ft facility, around 50k.

Seasoning for ownership typically starts on the purchase date.

Otherwise the hold up of the sale and going back-and-forth we wanted to avoid.Because it’s now on the closing statement, are these a deductible repair expense like it would have been had it been before closing that would normally just be under schedule E as a repair expense.Cheers.Since the seller credit is now part of the closing statement, it’s generally treated as an adjustment to the purchase price rather than a direct repair expense.

I have purchased many properties without a tenant in place.

Quote from @Jared Goldwasser: I live in Los Angeles and am looking to purchase my first investment property this year -- interested in single family or duplex units.

The other thing I have learned over time is that the clearer your vision is, the easier it is to get there, so CLEARLY defining the location, type of property, purchase price, renovation amount, etc. etc., will really make a big difference.

I have owned it for a very long time and had depreciated most of the original purchase price. 

Purchase price: $74,000 Cash invested: $25,000 Sale price: $145,000 I acquired a property from a couple needing to relocate, with significant repairs required.

Hey James, I haven’t purchased land in Davis Park myself, but I do have clients currently flipping a home not too far and there's a lot of new construction happening in the area.