Things that any normal person could fix.

My HELOC on my personal residence is at 8.5%.

Purchase price: $380,000 Cash invested: $19,648 Sale price: $485,000 Not really a portfolio investment as it currently my personal residence, but I'd still consider it an investment.

I use the locks and keys that came with the bank foreclosure. 

I would have 3-6 months of monthly mortgage payments for reserves in the bank.

The IRS generally allows deductions for second homes if you use the property for personal use for more than 14 days or 10% of the days it's rented, whichever is greater. 

But it's hard because if you get to personal, stylish, "on trend" you can alienate a group of buyers.  

You also might want to consider using the general asset account (GAA) as a strategy to possibly continue depreciating the property before demolishing and rebuilding.Obviously, once you convert the investment property into a personal residence, you lose out on any further deductions from a P&L standpoint.Feel free to DM me if you have any further questions.

So I should see it hit my bank account on Wednesday. 

One property is rented with a tenant in place, and the home in Riverside, CA is the home of the person who passed.