Hi Account Closed, I would like to be added to the list please for your business plan. 

Most tax professionals will bring in a portion of the tax code on this that is not specific to rental property but is more general with regard to depreciable business assets in general, which is this:The basis of the asset is the cost to procure, install and bring the asset into service.So it's the "bring the asset into service" portion which then causes all kinds of costs to be added to the basis such as utilities during rehab, mortgage or other loan interest, property taxes, legal fees, etc.  

Yes, in Calif, the landlord must certify presence or knowledge of existing lead.Chipping may be solved with pressure washing BUT1) that doesn't handle the remainder2) will not strip sound paintso it's a half-*** solution and there's still more work to do - - maybe even water damage from the pressure washing ( at least use glass beads which are easier to deal with).

To add more value we'll be adding an ADU as well to the back of the property to increase the gross income to $4500-$4600 a month.

All of my posts and questions you should be adding to your checklist and cost to build worksheet.  

Rehab expense should be added to the purchase price when figuring your starting point on a property.

Payments for expenses would be categorized based on the type of expense -- for example, it might be categorized as "Expense" or it might be categorized as "Fixed Asset" (for anything that needs to be added to the basis and/or depreciated).

Display boards will be up showing satellite images of the widening path and examples of where lanes could be added on either side of the existing interstate, McCann said.Overlay maps can be viewed in advance here.

The comp has a finished basement, so thats what would have to be added to this property.I’ll be sure to check in on local laws...don’t want to end up with fines on my first potential deal @Jay (won’t tag for some reason).Also, how should we handle financing on this?

Any repairs/improvements I do now to my living space will be added to the basis when I move and place that unit in service then, correct?