It included things like dirt, sand, broken toys, uneaten food, articles of clothing and shoes.

I also update any old fuse panelboxes and cloth wiring.I have a very good electrician who updates everything for me at reasonable costs.  

@Aaron Flake I currently own a home with wife and kids, baby on the way as well.

Then the couple has another baby.

Check with the IRS and see if outgrowing a 1 bedroom condo with a new baby & other child can exempt the gain in less than 2 years if you need to move.

I would have moved in right away to live in while we fixed it up (decent condition paint, flooring) but we have a baby and we got a homestyle mortgage rehab loan and are spending 70k putting in solid hardwood floors throughout (was carpet or vinyl sheets), painting grey (was yellow/beige), new hvac system, (furnace worked but ac needed repair, both systems 15 years old), new hot water heater, new trendy white kitchen (15k with granite) with wood look tile, new electrical panel, etc.

Maybe they put a tire swing in that tree in the front yard for their first grand baby. 

Things can change - life circumstances, baby, new job, etc. that can make an exception to the rule.

Hi Todd,That's an attractive looking building.Find a good stable tenant, and possibly offer some of the build out needed (if you have to--you may not have to).Just from a first glance, some tenants that come to mind would be:1) Auto Insurance Office.2) Pizza shop, owner operator, take out and delivery only.3) Dental Office (probably with a repaint to tan with brown trim or etc...).4) Dry Cleaner, drop off and pick up, where clothes are sent to main plant elsewhere by truck.5) Daycare, with attractive fencing if outside play area and parking are both available.6) Local Government or local utility branch office for payments.7) Meeting hall for the town Elks, Moose, VFW, Masons, etc...8) Realtors office.9) PO Box Rentals.10) Co-working space.11) Local Trendy Coffee house.12) Office HQ for your local Democrat or Republican or other party.Good Luck!

This is essentially the process that you must follow when you acquire shares of a “baby” REIT, meaning a REIT with only one asset.