Let me clarify with some more details:Jan 2011 = bought home for $75kFeb 2011 = completed rehab for total $2100March 2011 = tenant moves in.April 2012 = filed tax return with cost bases of $75k for the house and the fully deducted the $2100 on my return as repairsJuly 2012 = replaced roof ($5.5k) and tile ($3k)April 2013 = filed tax return and started to depreciate the roof & tile expense over ~5 years (what ever turbo tax said I should use).May 2015 = sold home for $136k.

I agree with you that I am almost never on budget, mostly over, but I try to bring the mouse in a condition where all components have at least 10-20 years of life left (which means replacing a lot of course).One thing that you do and I think I will change is to not finish the basements.

and patch on the ceiling (HVAC Re-route)- Master Bathroom( plumbing - shower stall not properly installed and leak going down to crawl space, cabinet not secured to the wall, GFCI not grounded, faucet aerator leaking)- Kitchen (damaged vinyl, exhaust not working, very dated kitchen but I think I can salvaged the cabinets and just replace the tile countertops)- Ceiling fans are not operable and missing HVAC registers.- Garage (moisture stains, wall damaged, laundry hose bib leaking), partially converted to a room.

The roof however, was completely replaced in 2013 with one layer.This would be an FHA loan with me residing in one side for at least a year and then moving out and renting both sides.  

If you own the property, and the property is not worth enough to satisfy the judgment, then the creditor will take the property AND THEN go after your personal assets -- that means your house, your car, your 401(k), your children's 529 plan, your baseball card collection, your monthly paycheck.Insurance is another must, but it does not replace an LLC.

If you own the property, and the property is not worth enough to satisfy the judgment, then the creditor will take the property AND THEN go after your personal assets -- that means your house, your car, your 401(k), your children's 529 plan, your baseball card collection, your monthly paycheck.Insurance is another must, but it does not replace an LLC.  

smart move imo.Complex was built in the late 90's; seller is replacing 10hvac, water heaters at our request.as to lender questions... the sellers are up and comers and the local bank has stated they will allow the seller 2nd because they want to earn more of their business.re: water..

If you have a quality replacement in the on-deck circle, you might decide quicker about whether to fire the current one. 

I got everything fixed except the roof, which is required to be replaced sometime during this year - it was expensive:  $1000+ vs $600K for like properties I own in the area but I got it and it is a good, solid investment.  

Make sure you get quotes for full replacement (rebuild) and for cash value.