When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.

Clear opportunity for improvement How did you find this deal and how did you negotiate it?

You might choose not to renew leases, make improvements, and then raise rents after taking over.

Once the construction of the business building was far enough along (but no more than 180 days) that the price of the land and the amount of improvements you make on it are equal to the sale of your old investment property you take title to it and that would complete your 1031 exchange. 

Also showing almost a 20% CoC return, which in my research I've found to be a highly ideal number for investors.Is there something I could improve on with this report or fix?

They may sell in a few years when interest rates drop or keep it longer term as cash flow on the property improves!

I guess Air BnB is the newest hot topic.. nice southern gentlemen.. can't comment on his class or anything like that since I have not sat through it..

You just have to be careful because some sales agents will just advise you to over improve the property because it makes their job easier.

. -- Thus, you can expect to get Class C or D tenants, which have a 15-25% probability of defaulting on their lease payments.2) If your PMC is lowering FICO to 550, what are they doing to improve their screening in other areas?