Ensure you research local market conditions to ensure your fee aligns with property values, usually aiming for $5–$20k or 5–10% of the property’s ARV.

We've taken over from several other property managers, and the bar is pretty low in my opinion.

Hi, I have a landlord's policy with Farmers Insurance; the rental property is a single-family. 

Alternatively, you could look into seller financing on the new property, which requires less upfront cash.

To qualify, taxpayers must meet specific criteria demonstrating that they are real estate professionals who materially participate in their rental activities.How to Navigate the Rules:Step 1: Identify your real property trades or businessesHere is a list of activities that are considered to be a real property trade or business:RedevelopmentLeasingConversionConstructionReal property developmentReconstructionOperationRentalBrokerageManagementAcquisitionIf you participate in multiple of these activities, you may be able to combine them making it easier to meet the material participation hour requirements.Step 2: Demonstrate material participation in real property trades or businessesThere are seven tests to determine if you demonstrate material participation.

As others have mentioned, you will be able to take bonus depreciation, for certain assets, which won't be pro-rated.When you get the cost segregation study, it will break down the home into several buckets39 year property, 15 year property, 7 year property, 5 year property and land.The remaining assets will be pro-rated when it is placed into service.For example, a building placed into service in January will have a higher depreciation expense than the same building placed into service in November.Best of luck.

Drove by and paid full asking price How did you finance this deal?

If someone owns no properties, you may want to consider that when reading their advice.

I've been waiting for this property to come up for sale.

Quote from @Connor Kline: I have interest in a multi family property that is made up of loft studio apartments, all roughly 550 sqft.