That said if you are patient, have plenty of time, and plan correctly it could be used to offset some, but not all, of your capital gains on an investment property even if you have done a 1031. 

This is my first post here, and I am just starting out, trying to learn, and hoping to make my first purchase, so please be patient if I am asking very basic questions.

I know I need to be patient as I am still in the education phase but any pointer would be much appreciated. 

Convert the garage studio into ADU by requesting health/safety check - my interpretation of the legislation is that there is a 5-year grace period to get everything up to code as long as everything passes health/safety inspection.

It’s important that you REALLY understand the different parts of providence and understand how to buy a property in the “right” area.I also recommend being patient!

Chipping paint, handrails, safety related stuff is what they check for. 

It’s business as usual other than safety precautions.

Be patient.   

Be as wise as you can be...be patient...FIND A MENTOR AND USE THEM...but at some point you actually have to buy something.At least have a basic plan in place first...1.

I see this as a safety hazard if nothing more (fire depratment issue, stray animals taking up residence. someone playing in it and getting hurt, etc).I've checked the lease and there is nothing in there about not storing boats/vessels.