Make sure to post pics of the outside front and back, kitchen, living areas, bedrooms, bathrooms and any patio area.

We enclosed another 100 SF that used to be a patio and stored the washer and dryer.Rehab went over the original estimates but included some value add changes.

You're not, you're paying ordinary income tax plus 15.3% SS/med.

Each unit has a private fenced (newly updated) patio and the units have a new roof.  

@Stephanie Irto that is what I was thinking as well and I looked at the guidelines with bothmy broker and CPA and we all agreed...but basically the depreciation is denoted on my K-1 as an "ordinary loss" because there isn't a specific line item for depreciation on the K-1.  

I have done flooring, tile patios, hot water heaters, masonry work, molding and concrete work on personal projects so I know some about cost of repairs and timelines of projects (Always over on both from my experience).

Pee remediation (includes demo, new subfloor, new drywall, primer $30KFlooring throughout, $10,000trim - $2000doors - $3000paint- $4000back patio - $2,000front - curb appeal - $1,000HVAC- $5000electrical -$5000plumbing -$2000kitchen - $20,000half bath - $2500bath 1 -$5000bath 2 - $5000hot water heater - $2000windows -$5000Details/fixtures/lighting: $5000TOTAL ESTIMATED RENO: $110,000

Unless you have something out of the ordinary going on, they should be able to help you through it all.

In other words, just because you do something in a C-Corp, that does not change something from Ordinary Income to Capital Gains.

I'm not against pets, though these units are not ideally set up for pets-- In fact I will be trying to make them more pet friendly by fencing in private patios...