Aside from the lack of furniture, the rowhome appears to be fully move-in ready.  

Did the daughter have a spouse or children? 

I put another $20,000 into paint, carpet, furniture, etc. and had the whole place ready to rent out before my first mortgage payment was due.  

I also told my children what we were doing so they knew the property was actually mine, even if the loan was in his name.  

My first goal is to create enough passive income so my wife can follow her passion of being a stay at home mom for our future children.

Just as @Michael Greenberg discussed, I am buying properties that have been updated nicely and I will be spending money on furniture.

Some of my affiliated communities will have tenant Christmas parties with fun games and small gifts for children.

I am 28 years old, married, and have two amazing children.

One of the tenants is a single mother with 3 children between 8 - 14ish and their grandma.

This rule is known as the mid-month convention, which applies to all residential and nonresidential real property, such as buildings.Depreciation on personal property (such as furniture and equipment) employs the half-year convention, under which you treat the property as placed in service, or disposed of, at the midpoint of the tax year in which it was placed in service.There is another convention known as the mid-quarter convention, which applies to personal property if the total depreciable basis of property* you placed in service during the last 3 months of the tax year is more than 40% of the total basis of all such property you place in service during the year.