After some issues with the mortgage lender not doing their due diligence until the last minute they put in some of their commission to support the closing of this property.

@Robert Gorra - I've had a similar experience where I've had a really hard time with getting GC's to even give me an estimate, and the few that have have been way overpriced (ie, they want me to put in $20k of cabinets in a budget flip) or have had their prices go up by about 40% and still not give me a firm price when I try to nail down the scope of work.

As far as the improvements done on the rental, you can start depreciating those once the property is put in service. 

I'm planning to put in my first offer on my first rental on a SFH in Kansas City in the next day or two.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

.• In 2010, I moved out and decided to put in in service as a rental unit.• I was able to keep it well occupied and leased throughout 2024.• I sold the condo unit in late 2024 for a nominal profit.That brings us to today. 

I can put in touch with a couple of local insurance agencies.  

Sounds like you put in a ton of work to maximize the value, and that basement addition was a smart move.I noticed you mentioned the NYC luxury tax and some of the rental pricing challenges—have you considered expanding your portfolio in markets where you don’t have to deal with those kinds of headaches?

It will be on you to reach out to these folks to see if you would be a good match for what they need.It is *not* a site where people can just put in their travel dates and find, book and pay for a place to stay without interacting with a human.

Of course, there's a lot more to it than I put in this paragraph, but I hope it helps with general parameters. 

We are about to put in $15-$20k of our own money into it, beyond what insurance covered and I need help deciding how we should finance it.