Changing careers can certainly be a challenge, but it sounds like you're equipped with a solid foundation thanks to your sister's support.

I plan on doing most the renovations myself which requires equipment (such as tools).

Open houses are typically used to generate leads, not sell houses.

In Milwaukee the weather can get pretty cold and we want to protect the tenant, but also the pipes in the property from freezing.For that reason we do have a stockpile of emergency equipment which includes electric space heaters.

You also have the option to use non-recourse loans to leverage your real estate purchases, though this may trigger Unrelated Business Income Tax (UBIT) on the income generated.

In making this post here on BP, I wanted to humbly come to the forum however and start from scratch in terms of idea generation as to any and all avenues to pursue in getting the word out there so as to not miss any options.

Could someone explain that to me or if there’s anyway to deduct those expenses.Hey Troy,  When a property is not “in service,” it means it is not yet available for rent or generating income.

During this time you are not generating any return from the money invested in the ADU.

As for the experience suggestion, thank you for your bluntness JHL, we all need that reality check, but I also have 42 years (bought my first property at 16 years old) and 5 generations of real estate investment behind me and am always looking for new developments in this dynamic business.

On a rental that’s not generating income is it any different book keeping wise then you would for a rental that’s is making money Or what are good things to know or learn Thank you !