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.

I am very new and am open to any and all suggestions/help. 

As I explore the neighborhoods in NW Philly, any suggestions on reputable agents with experience in those areas? 

So, Ray, what do you suggest we do?

The work together with appreciation suggest that I will now be somewhere between 20 to 25% equity.

Perhaps there is a relevant book or podcast that you could suggest to expand my knowledge in this area.Considering you're experience with creative finance deals, which you mentioned previously, I am keen to hear about your personal insights and experiences.

However, inventory levels have decreased, with 1,191 homes for sale in December 2024, a 4.3% decline from the previous month, suggesting a tightening market.

One thing I would suggest is if you start getting some consistent bookings do not jack your prices up over 15% as a new listing.

I walked all the nearby comps, gave the seller my opion/list of what his property was "missing" (fenced yard, light staging, add a 3 board fence panel and landscaping here...) and advised him to get a surveyor to mark the lot corners...The previous agent had not suggested they get a surveyor to mark the lot corners when he bought the property to flip....there's a chance the house or driveway may encroach the neighboring property.  

I do suggest Columbus Ohio!