Just a heads up for future reference.

If this Cap is allowed to expire, I would think that there will be a rush to take advantage of it.That should increase demand for higher priced Homes because the Standard Deduction gets reduced significantly AND you can go way above the Standard Deduction by Itemizing the SALT Deductions.If your comps are Single Family Homes and/or small Multi-Family that can convert to an Owner Occupied (think BRRRR here), it is well should rise in value as the Federal Tax deduction lowers the monthly payments for every homeowner with a large Mortgage that also pays State and Local Taxes. too funny I had not thought of the Salt deductions in years and today it popped into my mind then you post this.. very true for high priced markets this will be a huge bene

Your property management background will give you a head start.

If you buy in at a good cost basis with solid fundamentals, you're going to come out ahead in the long term.

You walk away slightly ahead with the rents collected, 2nd lender loses at least $50k of his $95k in selling costs, and other expenses.

I would say this to make sure you are planning your financials ahead of time to keep your options open and help you be more flexible when working on deals.

In retrospect I would have spelled out the construction process more clearly in writing ahead of time.In your case the existing tenant is getting no new value so there is nothing for them to gain with this project.

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Along with the tax advantages it has worked out well so far.We may be moving to San Diego next so I am excited to see what opportunities are ahead.

I have done a few hundred sub 2's in my day and all sorts of issue arise that your probably not thinking of or no one could have thought ahead about..