We've been continuously improving it, but it has been working exceptionally well for us since we hired a developer for the complete build-out a year ago.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

Convince yourself that there's a better than average chance that you will lose, and if you can live with the time, energy and money spent if you do. 

If you live in CA, NY, Boston etc - the financial difference is big enough.Investing in your home town is always best, you have the home-field advantage and you can buy, rehab and manage a lot more efficiently.

But for cashflow this is terrible.Comparatively speaking, I do see properties that need capital improvements.

Some packages genuinely improve property performance, while others might feel excessive.

The key is to pick a lane—focus on improving as an investor, finding great deals, and letting a solid property manager handle the operations.

Maintaining open communication and setting clear expectations for transparency and efficiency will help strengthen your working relationship with them.Hope this helps!

There will always be room for improvement, might as well keep learning.3) Take ActionMy mentor taught me this very important idea “Say Yes.”

Everyone thinks they can paint but there's a big difference between a professional paint job and a non-professional one (the latter usually actually damages the property instead of improving it).