Carpets and wood floors have been recently upgradedExterior of the home is in okay conditionRadiant Heat SystemCool architectural features on door frames, window frames, etcKitchen has not been updated 

That area has some amazing architecture from when Troy was one of the wealthiest cities in the country and I got to live near it on a students budget which I thought was pretty cool. 

In general, you'll have to deal with zoning issues, site planning issues, utility issues, infrastructure, design and architecture, stormwater management, etcetera.

I have done some renovations studied architecture know my way around NYC DOB etc worked a first career in tech and finance but so far no luck in this endeavor - I thought I would have an edge after I had to work with agents selling my Mom's house - but it seems folks only care about your rolodex!

For the amount you can deduct: https://www.law.cornell.edu/cfr/text/26/1.190-1For what qualifies: https://www.law.cornell.edu/cfr/text/26/1.190-2Your specific question, how to actually make the election: https://www.law.cornell.edu/cfr/text/26/1.190-3 If it were me, I would include the deduction on a separate line on your Schedule E with wording such as "Sec 190 architectural and transportation barrier removal expenses" or whatever your software lets you fit.

a friend of mine and i are meeting in a few hours to start planning for our first property purchase. we both live in manhattan and are looking to purchase a 4-6 unit residential building in the nyc metro area (most likely an outer borough or nj) to begin buying and holding properties. we are looking for properties that will require work / reparis upfront. what are some important first steps that you would discuss with a partner upon starting up (i.e. financing, partnership structures, deal sourcing, property management, business incorporation, etc etc etc.). my background is in finance, and his is in architecture, and we're friends from college.

Personally, I have some small background in architecture and construction, have my RE license (just now starting to do this full-time), am pursuing an appraisal license now, eventually will learn more about inspecting, and while I'm not yet an investor, hubby and I do plan to do so down the road once the other aspects bear fruit in the form of funds for same. 

I would go architectural shingles as it is a much better product, for a moderate price increase.

It's also very unique on the inside with some very cool architectural and modern updates.

The skill set that I can bring to the table are Reading and creating Blueprints ( I have a degree in Architecture)Estimating ( I also have a degree in Construction Management, currently a project manager ) Good peoples person ( I have work in Sales for most of my life before becoming a Project Manager)Software savvy - ( Used mostly all Architecture software out there and some PM software, but I can learn any other software pretty easily)   Fluent in SpanishTIME and WILLINGNESS TO LEARN!