Real Estate should not be depreciated.Depreciation is one of the most beloved tools in real estate investing, but let’s take a moment to challenge the norm: Should real estate even qualify for depreciation?

Lots of ways to improve the situation.   

Thank you Tim, Sorry for the late response 

Cash How did you add value to the deal?

The company I worked for even had a relationship with the property manager.

Here you would sell to someone that can run their business form the home or the garage/workshop if that’s allowed by local code. 

The other thing to consider is the age and if you add a second floor will the entire structure need to be brought up to code for hurricane and wind.I live in a neighborhood where the homes are older (not in florida) and the foundations are hollow core CMU and adding a second floor would not be feasible due to soil bearing.

The roofer gave me a invoice with high level bill of material, and a statement that it has 2 years of warranty and brand name of the shingles.It does not say brand name warranty or model or batch number etc. 

Quote from @Andres Lasaga: I am in the process of selling a property to the tenant I have been renting the house for 4 years.I want to outsource the promissory note collections and reportsIt would be only ONE property, for now, any recommendation of a company that can manage the collections and reporting?

Welcome to the community and be ready for a huge amount of information at your finger tips.