I want to replace it with a small 2 bedroom 800 sq ft house.

Replacing countertops, though, is a capital improvement and usually has to be capitalized and depreciated over time.

I love my W2 job and am not looking for replacement income, but I do want to diversify my investment portfolio in the real estate sector while keeping my focus on what I love and do best -- emergency medicine!

The contract says - RESIDENT agrees to keep the premises and all items in good order and good condition and to immediately pay for costs to repair and/or replace any portion of the above damaged by RESIDENT.3.

If it is that, then just replace the old one with a new one you should be good to go. 

Bryan I would say PLANNING IN ADVANCE is key.Lot's of investors like GA as it's own of the best investment warm belt states in the country.You need to determine if you are going residential or commercial for the replacement property and what deal size.

They walked away from their leases, took FEMA money to move (and maybe even replace some "damaged" possessions, and are now living in new housing on the taxpayers dime. 

yes but it probably would be cheaper to replace the stove. 

I can build cheaper than I could replace but there is a time and stress factor to consider.

In the early days all anyone ever talked about was that Bitcoin was going to replace fiat currency.