Some of the less obvious items that I've been nitpicked on:- paint underneath the sink and in the utility closet- any tree branches / weeds touching the building perimeter- clean window frames (the channel where it slides had to be spotless)- common area / hallway must also meet code regardless of how many section 8 tenants you have

Now there's no more negative cashflow, but some major repair items still exist, which I can't put more capital into having repaired.I've learned a great deal, but haven't been able to recoup the capital investment that was sunk into this project.

Bottom line...it is a delicate balance, and you really need to be able to separate your efforts as an individual from those as a licensee.

I'm a little confused about how the depreciation works on items that don't last 27.5 years, such as flooring, appliances, cabinets, etc.

what about other items like school quality, crime, (un)employment, analysis views on future outlook of area?

Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment.

Don't tell me that I should purchase luxury item's through my business, tell me how!!

When you get into itemizing deductions, it's not quite cut and dry like a 1040 short form.That said, yes depreciation is a deduction but only on the building not on the value of the land, this you can find out from the county tax assessor.

You need to work this just like a menu item what is your total cost and then you will know if its a good deal.

also, if you got a good enough price on it, it's usually worth adding a few "luxury" items (luxury for that neighborhood -not for bill gates) to get a quicker sale.