However, an exemption of more than $25,000 is not allowed to any one person or on any one dwelling house, except that an exemption up to the assessed valuation of $25,000 may be allowed on each apartment or mobile home occupied by a tenant-stockholder or member of a cooperative corporation and on each condominium parcel occupied by its owner.

Average condominium sales in our area has historically been in the $70k's but everyone and his brother developer is building, converting and high rising to reach 250k-500k buyers that may or may not be out there.

The UOP for a building generally is the building and its structural components so you cant look at plumbing and other costs as one UOP. 2)  You qualify for the  Small Taxpayer Safe Harbor Election.A qualifying taxpayer can elect not to capitalize (and, thus, can deduct) costs to improve an eligible building property if the total amount paid during the tax year for repairs, maintenance, improvements, and similar activities performed on the property does not exceed the lesser of  2% of the eligible building property’s unadjusted basis $10,000.An “eligible building property” is a building, condominium, cooperative, or leased building (or portion) that has an unadjusted basis of $1 million or less. 

In Portland there is a developer that bought two homes, built two ADUs, created a condominium and sold all four to separate buyers.

I’m renting out my condo unit, and the condominium management requires the rental length to be 1 year at least per rule. 

., and only if they have given the tenant 24 hours' written notice:to make repairs or do work in the unitto carry out an inspection, where reasonable, in order to determine whether repairs are neededto allow a potential mortgagee or insurer of the complex to view the unitto allow a potential purchaser to view the rental unit (Note: the Act also allows a registered real estate agent or broker to enter for this purpose if they have written authorization from the landlord)to allow an engineer, architect or other similar professional to make an inspection for a proposed conversion under the Condominium Actfor any reasonable purpose allowed by the rental agreementThe notice must include the reason why the landlord wants to enter the rental unit and must state what time, between 8 a.m. and 8 p.m., the landlord will enter the unit.

Can I buy a plot of land zoned for farming and build a condominium ?

If this were built like any other residential condominium tower, at most 25% of the unit owners would be allowed to operate a short-term rental, provided the condo association allows STR in the first place.

'Key mandates of the law include: Condominiums three or more stories tall must have a “milestone inspection” of structural integrity at 30 years of age, and every 10 years thereafter.

What are the issues with buying condominiums for rental income?