Depreciation - 27.5 years - differentiate the cost of land separately from the cost of the building - keep your paperwork from the purchase and the subsequent saleIncome/Revenue - All rents received, sometimes security deposits, late feesExpenses- Maintenance, interest paid, utilities, real estate taxes paid, repairs

That was subsequently compensated by higher rents when we took out the coin op washer/dryer.

The presentation and subsequent meetings resulted in a (7) figure contract.

But it took a shade longer so I ended up dropping the rent a little for subsequent units.

I was wondering if anyone has experience with obtaining a professional property appraisal during a renovation to see if the after repair value per unit is what you anticipate it to be and then using the appraisal value (in this case on the first 2 units) to steer the level of renovation on the subsequent units. 

@Fernando Gomez I’ve used foremost for a construction policy but am now going through a local insurance agency that has a company can’t remember the name but they’re insuring one building then letting you “link” four more qualified buildings under the same policy so my original policy was around $1700 but the subsequent ones have been around $800.

You're past the beginner stages of investing where the goal is to simply do a deal or two & learn, and subsequently have more options now.Really the question is: what is your investing goal?

Otherwise I would increase the rent 3% over the last lease amount and 2-3 percent in the subsequent years of the 5-year lease.The happy news is:  if the tenants don’t like that then it’s a great time to sell.  

Conveying your property into an LLC may change the "taxpaying" entity that owns the real estate, which could be a problem just before a sale and immediate/subsequent 1031 Exchange. 

It shall be an unfair or deceptive practice for an owner to: (a) require a tenant or prospective tenant, at or prior to the commencement of any tenancy, to pay any amount in excess of the following: 1. rent for the first full month of occupancy; and 2. rent for the last full month of occupancy calculated at the same rate as the first month; and 3. a security deposit equal to the first month's rent; and, 4. the purchase and installation cost for a key and lock.or, at any time subsequent to the commencement of a tenancy, demand rent in advancein excess of the current month's rent or a security deposit in excess of the amount allowedby 940 CMR 3.17(4)(a)3.