Hello guys i was wondering if anyone can share some light on this.

I think i just take the pro-rated 8 months of depreciation in 2016 (for both actually) but when using one of the automated web services to do my taxes, i get a warning talking about net gain or loss Form 8829 , referring me to 8549, and form 4797.  

They are both in "down cycles" right now (one agriculture and one in the oil business), but they both have been doing it long enough to see the light at the end of the tunnel.  

Some bigger projects include new roadways, signs, lighting, etc.

A few warnings though just to paint a complete picture, you will not likely see full LA appreciation in rent or prices there (but perhaps still better than out of state), you need to "cherry pick" the better neighborhoods to avoid the really rough stuff (especially on the East Side) and make sure you get in where you are willing and able to stay in because this area tends to get hit harder than others in a downturn.

I believe had I discovered BP earlier in my investing career I'd be light years ahead of where I currently am.

I have found that the cheap, battery powered fake cameras with the flashing red lights are a great deterrent.

Look at the cost per sqft ... that is WAY below replacement cost, which is a red flag, not a green light.

By October 2016, the condo was mine.Since then, my husband and I have done about $4000 of renovations to the condo (repainted walls and ceiling, refinished the hardwood floor, fixed up and reframed the electric fireplace, crazy amount of cleaning, refinished the sink, put in new blinds, brighter lighting fixtures, etc).  

Does anyone specialize in buying rough houses and fixing the big problems and getting all systems working and then selling to another investor that is interested in a "light remodeling"?