My drive to learn about real estate investing was sparked by reading "Rich Dad Poor Dad" by Robert Kiyosaki.  

He could tell by popping off the doors they the insulation was falling off (sparks flied at one point) and the evaporator condenser was heavily corrosive which can leak harmful R22 refrigerant into the home plus found bio growth inside leading to potential health concerns.

But not all do.To be frank, the big problem is that you're trying to oversimplify a complex issue: Lets pretend there is no any deductions, depreciation, nor anything else that complicates matters...That's like asking how a car works, and then saying let's ignore the tires...the spark plugs...the gas... anything that complicates things.Well, those things matter... a lot...

Any advice on transforming all,or some of this property into an income producing asset? 

Let me know your frustrations and how are you dealing to manage with these obstacle's.Don't get me wrong it is rewarding to transform a house or real estate property into something beautiful and sale it.

And if you are running electric from a pole, it needs to have a transformer on it (add ~9k for a transformer).

It's been permitted to partly because of term transformation and rate refinancing over years - all monetary expansion. 

So step 1 is correcting your language, to correct your programing, to correct your vision, which will expand your knowledge, which will expand your capabilities, which than transforms your life.

Let me know if this sparks any other questions or if I can help in any way!

Happy new years eve!I am looking to turn my primary residence into a rental property while i live at my brothers house. I am curious what steps I will need to take in order to make this process seamless. I live in Pho...