So net equity gained will be $35K on a $20K investment.

Thank you for the valuable market update!

Whoever got this house is buying for the location, not the piece of sh*t home on there.Plus, there might be some valuable junk included! 

During lean times, having Section 8 can be extremely valuable, during really good times, such as now, you can often get really good market rate tenants that pay more than section 8. 

I will be self managing this as my first investment to gain experience.

I want to put 25K worth of upgrades into my condo prior to selling in order to gain a better sale price.

We still have plenty of credit available and we use it on our daily expenses (i.e. food, gas, utilities) in order to gain some of the rewards but it tends to keep our credit available low.

That reports the non recognition of gain and lets them set up the new depreciation schedules etc.     

One more plus for doing that is that you gain visibility and people see you are for real.Good luck!

It was a lot of work but the education I received has been more valuable than the money I saved.And now when a tenant calls with a question about something there are so many times I can refer them back to the section of their lease that covers this issue.