My lease prohibits it.

I reached out to my accountant about doing a cost segregation study in order to utilized the accelerated depreciation, and he said that it’s usually very cost prohibitive and is hard to justify unless you have a very high income.

Like others have mentioned that seems pretty cheap but if the area is good and there are no major renovations or deferred maintenance(e.g. old furnace, water heater) that would be cost prohibitive to you in the first few years of owning it, it seems it could be a good opportunity. 

@Celia MooreA transaction involving a father's IRA and his son, who is a disqualified person to said IRA seems like a prohibited transaction at risk of severe tax consequences.

That additional big ticket item might be price prohibitive for people trying to enter the market, but on a spreadsheet it would pencil out to an additional $1200 a month in net income. 

I've had units with a lease that didn't mention smoking and I'd had units with a lease that prohibits smoking inside.  

You are correct Bruce, I have never had a smoker in any of our rentals.I thought of prohibiting smoking in the unit, yet realistically know that it can’t really be enforced.As for the deposit, Minnesota doesn’t have a limit as to the amount that can be charged.I’m really torn on this, maybe it really is because I didn’t have to deal with the aftermath.

However, the cost would seem prohibitive in such a large building unless you are getting a really great deal.

If credit would prohibit the buyer from traditional lending but they have cash reserves. 

As far as points, I am not aware of any prohibition.