People see good market returns year-over-year and start seeing a volatile investment as a safe investment based on only recent history.I wont get into where I am looking to buy and have bought but we can use some common sense to come to some relatively safe conclusions. 

I am not a CPA, but did you come to a different conclusion.

He came to this conclusion after violating the lease wherein it states, “Residents agree not to tamper with any mechanical equipment stored in this area [attic]”.

Any conclusion to this matter?

In conclusion, our duty as human beings is to try to educate others human beings (real estate investors or otherwise) on how to discern marketing content from the real world applicable content, and not get engrossed by the savviness of these gurus or corner-cutting investors you refer to. 

Also it doesn't do much for predicting other than that maybe you can infer metros won't move too far per year...I was thinking more of something that would allow us to look at various socioeconomic trends and draw conclusions.  

@Eric Pinter thanks for the comment.The conclusion is that the Appraisal we receive will need to go to an accountant and he/she will allocate the items and values for depreciation.Can you recommend good Surveyor in LR ?

In conclusion... this is a big decision and you should speak with a CPA and/or Lawyer before you do it so you understand all the issues surrounding it.

You will receive a Schedule K1 at the conclusion of the tax year.

We both reviewed them and came to the same conclusion, no rental restrictions.One month later after rehab and all set to rent with the property manager I reach out to HOA to keep them apprised of what I’m doing.