hi all i am a new landlord and got my first rental property. tenants moved in in September and October. the first month was fine but when December hit it got extremely cold and the heating is electric. due to poor insulation in the home that we did not know about the heat has to be turned very high up to keep the home warm, however since everything is electric it is causing the electric bill to be $800. the utilities are the tenants responsibility. however because of this one of the tenants has been extremely non compliant with paying rent.

Its definitely a big cost/premium risk allocation discussion

My question is why you want to bring it up to code, other than just to feel good or improve your exit strategy?

Quote from @Michael Poloncic: Three individuals signed a lease together, all friends, the lease is set up where each of them are expected to pay 1/3 of the rent.

I updated the electrical, painted everything, and “cleaned the property up nicely” exterior and interior.

I spoke with the title company who is still helping us wrap up the set-up of a servicing company, and she confirmed that they would be responsible for the principal / interest for Nov and Dec, while we are responsible for the escrow shortage balance (as agreed upon).Not sure how it was missed - not my favorite title company to work with.

WHAT IS A COST SEGREGATION STUDY?

Startup costs paid out of pocket should be recorded as capital contributions and may be deductible as startup expenses or amortized.

Is there any good rules of thumb to estimating the cost of a boiler?

Why not just set up sole prop?