It's the above complexity times 10. if you treat the entire building as one item, you have to spread everything over a long period of time, and nothing can be deducted right awayyou can separate some components (for example, carpets, appliances, fences, driveways) and either depreciate them faster or even deduct them right awaywhen you repair, replace or improve something (like HVAC), you have to understand extremely complex rules known as Tangible Property Regulations, so complex that even us tax professionals specializing in real estate do not always agree on specificssome rules are specific to the type of property, for example they only apply to non-residential property or only to brand new propertyand there is a whole lot more than thatSo basically, everyone can understand the general concepts, such as the difference between virus and bacteria.

@Brandy Smith I would guess a light kitchen rehab would make your house sell faster but only increase the price by about as much as you spent on the rehab as long as it is done in white.

In my opinion, you'd be taking a bet that's unevenly weighted in the negative direction. 

Having a strategy that allows you to take advantage of those two wealth generators and allows you end with the top line revenue/FCF you care about will get you there much faster than focusing only on cash flow. 

On the other hand, this is my 8th year landlording and I feel stuck and I want to grow at a faster rate and leveraging with equity seems to be the way to go.

It's faster and cheaper than an eviction to give a 30 day notice.

I'm looking for some advice on how many analytical scenarios I should consider and which scenarios should hold the most weight. 

When you budget for property management, you need to actually know what property management will cost.Property management is worth its weight in gold if you find the right company/manager.

Exception would be if you're doing a high end flip, where a well designed and thought thru space would carry more weight.

I thought the Mississippi market would recover faster.