Here's how it works in a nutshell according to IRS Pub 946.Consider depreciating rental property costs that may last > 1 year and aren’t eligible for De Minimus Safe Harbor (more on DMSH at a later time).You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up.

Expenses AFTER the in Service date are then considered for repair vs improvement and then applying De Minimus Safe Harbor considerations.So frustrating to be the only tax professional commenting on this thread that is waving her arms and say HEY!! 

I am also a fairly new investor so looking into forming the LLC in Wyoming, Nevada or Delaware.

We invest in the fastest growing county in Pennsylvania, Delaware, and Tennessee. 

Hey @Tom Brown - I'd echo @Paul De Luca and recommend @Samuel Pavlovcik, but also through out @Prashanth Mahakali...both are awesome Chicago architects and good friends.Things have changed with the City of Chicago, but probably not enough...whichever architect you work with just make sure that they are self certified which can drastically speed up the process.What neighborhood is your property in?

ISO recommendations for companies who help set up and act as resident agents for a Delaware LLC.

I am looking for an investor friendly agent that could help me start in the east coast ( PA, NJ, MD, DE) within 1.5 hour drive from Philly.

Quote from @Ryan Davies: Most work this way: Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 we charge $2,500 minimum)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 WeeksWe have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WV, WI, WY.

Quote from @James De Stefano: Pretty wild, thanks for the knowledge about "limited" fixed rate mortgages. 

In Delaware a lease automatically rolls to a month to month lease if no renewal is signed and 60 day notice is required to vacate (or to give notice to move)  If you prefer to have it vacant in the summer then give her notice to move and not leave it to chance.