I know this industry may be hit or miss, but if anyone can drop any kind of advice that would be great!

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.

Choosing landlord software is often about what kinds of features you need.

Sometimes those small gestures can save you headaches when construction dust starts flying.I’m curious... now that you’ve pulled off this deal, how would you approach finding your next project differently, and what kind of local contacts would you prioritize connecting with first?

Quote from @Gregory Wilson: As for the reason some clients want CPA's who have real estate investments themselves, CPA's can be experts in all kinds of things but not in all things.

I kind of traded my 20s for the freedom of not working that started at 41.

Hi Pamela,The kind of guide you're trying to create can already found all over the internet and are very easy to find and some of them, written by other real estate agencies, are pretty good.

Below is the link of the property:https://www.loopnet.com/Listing/927-Dixon-St-Tiptonville-TN/...No idea why it would be listed in the title unless the owners took some kind of government incentive that requires them to only lease to section 8 tenants.

@Bruce Lynn - I love the depth of thought you put into this—these are exactly the kinds of variables that separate top-tier investors from the rest.

I know, I get a lot of different kinds of checks because I work with corporations, schools, banks, jobs, etc.