@David E Gardner You have made some great points In Las Vegas last year they finally allowed pot dispensary ,with limited applications  There was a mad scramble for storefronts through out the city Despite the heavy application fees $30,000 there was a lot of activity .

The E is very simple filing and less complicate items to answer.

But @William E. rightly recognizes that a unique opportunity has come your way through that walk through couple.Normally a 1031 exchange on this project would be difficult to defend because the timing and process would look awfully like a fix n flip and those do not qualify for 1031 treatment.

A sheet of drywall weight around 90 lb.

@Bill E.

I don’t have any construction or major rehab experience, but whole heartedly recommend you check out the E myth and learn about working on your business not in it.

@Lawrence E.

Property registrations are at 417 E Fayette st 1st floor.

My tax return is not filed yet, but it looks like this:Rental income: $20,400expenses: $11,857 (mortgage insurance, property taxes, PMI, and home insurance)depreciation: $4,809Schedule E profit: $3,734I have an additional $2,500 worth of home expenses which I did not include because I want to reduce mortgage liability but at the same time get the biggest tax return possible.Question 1:  Should I include additional expenses in tax return? 

I wrote an E book just for Aussie investors its call the Perfect Storm an Aussie investor can find it on line..