Thanks Levi T.!!

As a landlord am I allowed to deduct for the $10 cost of a new door knob or the labor it would have cost had I hired a handy man for $15 for a total of $25. 

I realize the additional benefits of gaining equity, tax deductions, and appreciation, but it just seems rough to break even on the rental.

Ah, I see, no property yet so nothing substantial to deduct.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

I did not count HELOC as cash invested since I deducted the I/O from my cash flowRefinanceARV: Appraisal was for 500k (lmao) but should be more like ~400-425k IMO. 450k at most.Refinance Loan Terms: 5.625% interest rate fixed for 5 yrs, 25 yr am, $332,423 loan - $2562/mo PITI, wiped out HELOC costsAll in costs: $302,500 (purchase) + $6296 (closing costs) + $50,270 (reno) + $5257 (refi costs) = $364,323.

I also get to deduct mortgage interest from my taxes, reducing my taxable income.I only recommend paying off property when you're done investing and want 100% security.

@Fred Mejias,I suspect you understand that all your make ready costs are capitalized and you have no deductible expenses for your property until you place the property in service.If your question is how soon should you start advertising to have a tenant in place on April first, I suggest you take your guidance from your property manager. 

I deducted the treatment from her security deposit and also sent her a copy of the invoice as proof of the flea problem. 

It will be deducted from the contractor's disbursement.