That’s fine down the line, but for your first property, I’d lean toward familiarity.2.

They will also help you report and track any capital improvements to the property which helps increase the overall cost basis for your straight-line depreciation.I hope this was helpful in some way.

Check passive loss rulesTrack carryforwardsMost small landlords will simply:Take the simplified $5/sq ft deductionClaim it if they have net rental incomeSkip it if they're already showing lossesPro Tips: 💪Use the simplified method - it's $1,500 max (300 sq ft × $5)If you're showing profits, take itIf you're showing losses, don't botherKeep basic photos/documentation of your spaceThe Bottom Line: 💰If you're making money on your rentals and genuinely use a home office, this is a nice extra deduction.

Looking to find duplex or something along those lines to reside in and then eventually move upward.

They see a renewal of the current business tax rates, regulation and permitting rules getting slashed, tax code being simplified, and federal deficits on a one-way ticket down the elevator (which are a longterm drag on economic productivity).Just look at the growth in tax code complexity over the last 20 years.

For your part, it might seem like a free roll of the dice to go to court, but there are surprises and landmines along the way, litigation always takes far longer than anybody expects, and the time and emotional expense of fooling with litigation are energy drains on more productive endeavors.

Just recently got hit with a 10K sewer line repair.

Since your name is on the deed, you have a few options to secure financing for the rehab:Home Equity Loan or HELOC – Since the house appraised at $500K and you own it outright, you may be able to take out a home equity loan or a home equity line of credit (HELOC) based on the home's value.

Aggressive pricing is necessary to achieve this, so it's important to ensure the property is realistically priced in line with market standards, which often is not necessarily what you're hoping to sell for. 

I would like to think a higher damage deposit keeps people in line, but its really a crap shoot.