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I made the property more visually appealing by changing lights fixtures, painting, removed carpeting and staining wood floors.

They are non-profit in terms of distribution of profits at the end of the calendar year (after salaries/commissions/bonuses/etc are done being paid out, of course), but for 11.9 out of 12 months, they function as for-profit institutions like any other.

The IRS views the cost/basis of a business asset as the total costs to have it able to do it's intended function. 

@Joe Archbold it is certainly a function of the asset type and the operator.

There's a large pile of renovations that need to take place (foundation lift, roof repair, windows etc...).I see it as a great opportunity to restore it to a functioning rental property, especially given that there is no outstanding mortgage. 

This is functionally a "handling fee", and not something I would share with anyone else, just my internal notes. 

Mechanicals are functioning.     

It’s more of a visual impairment then a structural.

You can use the BP calculators to help you account for the items above and make a determination if your home is going to function well as a rental property.