I'm inclined to improve her.

You will need to insure the building improvements and you will want general liability coverage.

There are no real wholesalers in the group, and very few people doing free and clear transactions, at least that I know of, and the average level of the knowledge about real estate of any of those "Bid Dogs" attending the masterminds is very low, or almost non existent, as most of them are new members.Phil preaches that they are experts because the know just a little be more about real estate investment than the average guy, but the reality is that is all smoke and mirrors, and they feed and prey upon people expectations to improve their lives, creating false expectations about people being able to make money the easy way, with no credit or money to start with.

Your purchase price becomes more important because the length of time for market improvement and your revenue increases has been shortened. 

He wants to give the house to the 4 children and 2 of the children are willing to contribute added capital to improve the house so that Dad can live there for the rest of his life, he is currently 80 years old.  

It's important to distinguish between repairs (deductible) and improvements (generally not immediately deductible).Utilities and other expenses: You may be able to deduct certain expenses directly related to the rental property, such as utilities or advertising costs.

And keep an eye on how your Airbnb is doing so you can keep improving the guest experience and making your business run smoothly.Good luck!

Value was added through unit rehab and amenities, with more improvements planned.

Just buy something in a great location, get the worst house on the best street you can afford, fix it up to the level of the houses around it to force appreciation and gain equity quickly, and make cash flow happen over time by making improvements and raising rents.

Thus, an investor can purchase a foreclosed home and make improvements to it only to see it seized by the IRS as payment for the previous owner’s outstanding tax debt.