We currently run, via arbitrage, an Airbnb, which was also our first DIY renovation project.

Purchase price: $180,000 Cash invested: $7,900 Duplex just needing simple cosmetics.

@Lane McdonaldIf it is one rental, it is simple to do yourself.

DIY Cost Seg had nice functionality for adding any improvements you made to the property by category (HVAC, Electrical, etc.).

All,This is simple and not worth the discussion as its gone above.

Note not tax advice, this is more for the high income earner...Simple Scenarios: Using TurboTaxPrimary Use: TurboTax and similar tax preparation software are best suited for relatively straightforward tax situations.

I'm contemplating adding a bedroom with a bathroom into my single-car garage space... nothing major, just a simple space conversion. 

Hey @Doug Davis - My advice is super simple and seems like you are already doing it.1. 

Costs less to let it sit than paying a contractor 2-5k/week, I'm going to DIY some, and the location is awesome so no need to worry about break-ins/vandalism. 

Simple.