@Jonathan BaptisteStarting at 26 can significantly build wealth in real estate.

With the right strategy, it can become the foundation for building wealth.

We were going to partner together on it where I build and run a STR on it.

While I help people find their dream homes daily, my true passion lies in real estate investing and building long-term wealth.

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

Unless it is a new build, and it comes with purchase warranties are an extra cost and may or may not even be executed when needed depending on the circumstances. 

To set the scene: A cost seg study breaks your property into two important categories:1250 "real" property aka the building, foundation and other long life assets.1245 property aka anything that can be accelerated such as 5, 7, or 15 year property like carpets, cabinets, or other site improvements.

Same goes for many apartment buildings offering MoveIn Specials.So, if it's slow-time winter or a property won't rent for another reason, why waste time worrying about why it works or how to avoid it?

That can get you some money up front to continue to build your portfolio and it takes you out of being a landloard and puts you into the position of being the bank instead. 

In order to have this approved as a 3rd unit we will need the city to come out with a building inspector - who will outline everything we need to get this approved.