I'm renovating a portion of my apartment building from a office to a residential apartment. My question is on the flooring. I decided to install laminate flooring and use area rugs. Would both the floating laminate an...

And the IRS in their helpfulness, offers (not kidding)  a 222 page booklet of regs (the bulletin is online) distinguishing capital improvements (depreciated) from repairs (deductible in the year).

I will also be getting a homestead tax deduction which will help while I live there.

The total was $990 and his security deposit is $900.Once everything was done and a new tenant moved in, I mailed my old tenant the deductions and included that he did not have to pay the $90 balance.

If all fails, you can always donate to the fire dept for fire practice and potentially get a nice tax deduction ;-)

Also, since we are using half of the proceeds to fix up our current house, if I keep up with our receipts and such, would the proceeds be deductible from taxes?

All their deductions & all their business expenses are right there on one page to skim through quickly & determine whether it seems legit or not.

My short term goal is just to get started with my first deal; 5 yr goal to support my family through real estate investing; long term goal to completely replace my former salary ($12,000/month after all deductions) and have a healthy small business to leave my children, should any of them wish to have it.I would greatly appreciate any other experienced local investors who are looking to grow their current business to contact me.  

The difference between FMV and appraised value is what you get back as a charitable deduction.

The home on top of the dirt depreciates, which is why the IRS allows this expense to be deducted on rentals.