You also need to know the IRS code pertaining to the Schedule E.  

@Tim Fergus you're right, I will have a lot of interesting perspectives and tools at my disposal as it pertains to RE due to my job.

There are a number of them that pertain to wholesaling (assigning contracts).

If I were in your shoes, I would then generate a list of specific questions that pertain to her speciality.

I have been spending my time listening to podcast that pertain to beginners.

As mentioned he is claiming per unit pertains to air handler as one unit and condenser as second unit. 

I would tell him to hold off on any bathroom remodeling for the remaining 18 months.You might see the following link as it pertains to tenants doing work.http://www.biggerpockets.com/forums/52/topics/1969...

I apologize, John Lewis, that this discussion seems to have taken a wrong turn down the road to “how we do it here in DC.”I’m only offering an experienced perspective for here in Louisiana, which, I think, pertains to your original question.

If you have any questions that pertain to your real estate classes, BP has a lot of real estate agents who would be happy to answer your questions.Best of luck!!! 

Cap Rate = Net Operating Income (NOI) / (Purchase Price + Rehab + Acquisition Closing Costs)IF YOU HAVE ANY QUESTIONS OR DISCREPANCIES PERTAINING TO THIS ANALYSIS, PLEASE REACH OUT TO ME!