We set the code but it will  assign a random one if you don’t want to.

What kind of entity-llc makes no difference for rental/depreciation expenses.The entity will have no cost basis-no depreciation.Not a CPA, just a guy typing random musings on a key board.

This is looking toward the street outside.Master BathOutdated tubOutdated cabinetry / sink combo.Master Bdr - Fire place is nice but needs remodel, wall unit ac is yuck IMO.Outdated kitchenLots of loose electrical like this, just hanging out randomly in several areas.There's many more pics, but just with these I'm sure you get a good idea of the extent of the scope of work needed to be done to not only repair the home, but to bring it into the 21st century.Your thoughts?

Tenants ask a lot of random questions and enjoy meeting the person who will be representing the property. 

From my personal experience of being new here, I get spooked out with the random colleague requests.  

Step 2: After the owner vacates (part of my agreement when buying the property) I tie the property up with a lease option to some random cat that I find on craigslist.Step 3: Rinse, & repeat on multiple properties (over the next 3 to 5 yrs) .Step 4: Pay the properties' existing financing down with 100 % of the cashflows.

I am looking at doing section 8 again, and I will follow my golden rules for section 8:Use the local churches to the property: Offer the preacher a church donation for helping you find a "truly deserving" tenant.I only rented to single mothers: I am adopted, so I guess I have a soft spot for single mothers, they also tend to be better tenants.I only hire locals to keep up with the landscaping: It shows that I am helping out the local community.I do quarterly inspections, but always randomize them: I never went on the same day twice...

We are in a community property state.Anyway, as one card did a random credit check on me and realized I had credit available all over the place, my promotional interest-free rate evaporated.  

Maybe a little low - however since we are building and I know the quality of materials we are using I have a good handle on how long they will last/cost to replace etc.If they are new builds I think most of what you would put there depends on the quality of materials used, quality of construction and the types of things that will start to wear out first based on your weather etc.Roofing, siding/windows, water heaters, appliances, exterior paint, etc are what I would foresee needing attention and the largest expenditures as time moves on (and for those of us in hail prone areas  - the random damaging hail storm)If I follow the new construction route for an extended period of time I'd plan on selling around the 10-15 year mark so I avoid the maintenance issues that will likely start popping up around then.We will use SmartSiding which has a 50 yr warranty, Smart trim and if my partner can get a hookup on some discount or odd lot Class IV impact resistant shingles we'll be using those on the roof.  

Not sure exactly what you mean by shielding W2 income, but in general the expenses, including depreciation and mileage and random things, used as write-offs should balance out the income earned from rentals (i.e. create a good bit of taxable loss).