I purchased that parcel of land in Desert Hot Springs, Ca.

It's a good way to dip your toes in the water where the property is far enough away so that you need to rely on other people for most things but close enough that you could step in and do it yourself if it became necessary. 

Landlord pays heat, water, electrical.Technically, it will cash flow 800-1K if fully occupied. 

Purchase: $300kFMV: $550k Tax Appraisal Land Value: $253kThe issue becomes that usually the improvements (road, signs, fence, dumpsters, electrical, water/sewer, lots, etc) usually run 60-70% of value of the investment and thus is depreciated but with the land value on this about equating to purchase price, I’m missing out on this write off. 

Purchase: $300kFMV: $550k Tax Appraisal Land Value: $253kThe issue becomes that usually the improvements (road, signs, fence, dumpsters, electrical, water/sewer, lots, etc) usually run 60-75% of value of the investment and thus is depreciated but with the land value on this about equating to purchase price, I’m missing out on this write off.

If the furnace and water heater is gas I would stay with the gas range.

I did a full tearout of the kitchen ceiling and remediated all the water damage.

We hope to sell in spring.

Is it a (hot air) furnace or a (steam/hot water) boiler?

I'm not a fan of these "No money down" deals because all it takes is a burst bubble or a market correction and now you're under water on a property.