I am coming near the end of this project and have already started plugging in some new addresses to run comps and get a jump on the ARV calculations to improve my experience going forward.

Now I know better and my critical thinking skills improve too!

While I don't see it on the IRS tax information, if I remember from the conversation with him, I think you have to buy properties that need significant improvement. 

By this time next year, we aim to have invested in our first rental property and improved our credit, setting a strong foundation for a successful and fulfilling future.I am open to any knowledge or advice anyone has to give as I am currently learning about real estate investing. 

Consider properties with value-add potential to boost rents and improve cash flow.Good luck!

Playing it safe might mean walking away if the numbers can’t improve.

We got bank financing for the land purchase and contributed (almost) enough cash to complete the improvements.

Further, he can improve the real property to realize a higher sale price.  

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

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