Increase Your Cost Basis: Document and include the costs of significant improvements made to the property in your cost basis.

We wanted to improve this building and make for a long-term hold that improves the community.

Address basement concerns by improving the shower usability and adding soundproofing.

However, profits would be bigger if there were no HOA fee and there would be more opportunity to make improvements on the property.

@Paul Bogard going to assume you are buying this proeprty to live in while you "house hack".First, you should understand +95% of real estate agents ONLY know how to sell owner-occupied properties and are almost useless for investors:(Find an agent that has rental properties themself or can PROVE they've got successful repeat investor clients.Secondly, you can greatly improve your cashflow by renting out your other bedrooms.

We have also completed some exciting improvements including retyring a boiler for heat/cool ductless mini-splits and 9 units being electrically updates.

For tax purposes, remodeling costs like the kitchen and flooring are considered capital improvements and depreciated over 27.5 years.

I got a lien on the house they were flipping, all looked good on paper, then I found out they were using my $60K to improve their personal house!

Hopefully we get the latest water bill version through the state assembly this time to improve this.   

Ideally doing some value-add improvements during that 1yr.