Padsplit seems like a neat idea to me, but seems expensive. 

My question is do I have to recapture all the depreciation for tax in 2025?

Our two story more family homes started at 500k and have ended up at 675k to 725k.. with our original nets at 100k ( was the goal) to now we are 100k to 150k NET NET NET on those.. we have 17 more to deliver and 11 are presold at those high numbers and so if I can keep lumber where i need it we should have a very nice last year of the project.

You're supposed to have a license in every state if you are representing either a buyer or a seller in a real estate transaction, or acting as an intermediary in the sale of real estate.

I have a basic spreadsheet built for clients that I'm happy to share for free.

@Frankie Lotrec if you have an existing loan on the property and you plan to legally convert from a 4 unit to 5 unit , you should check the loan documents because you’d essentially be converting it to a commercial property, since 5+ units is considered commercial and subject to different appraisal approaches and so it would rule out the property being considered for purchasers utilizing residential financing.  

Even if you want to roll the dice, at least is a calculated risk, not a surprise down the road. 

If you're located in WI, check out Premier Point Realty and Homestead Realty....both offer the licensing course at a discount and some of the lowest fees/commission splits in our local market.

After that, I'd paint and put a new kitchen in (likely do these myself, which I have done before).

There is some legislative push-back on "junk-fees", but every example I have seen was IMO truly a rip-off.