@Adam Beachnau @Megan Greathouse It's awesome how one simple question about metrics can spark a conversation which could lead to significantly better decision making! 

Any advice would very much appreciate, I need to make a decision fairly soon.

I was parked in front of this really beaten up house (no shutters, poorly maintained lawn) when a car pulled up behind me. 

If the conversation on Saturday goes well I'd imagine that (more likely than not) it will end up being some form of family decision. 

One emphatically said that if I collected depreciation on my rental property but then converted it to personal use, my decision to "convert" it to a rental again meant I'd have to start with a new depreciation schedule.

Hi All, here's a potential deal I would love some opinions on considering a fundamental decision must be made for it to be viable.Triplex currently listed at $127kDown Payment: $31,750Gross Monthly Rent: $1,500 (500 each)Estimated Expenses:Mortgage: $500Property Tax: $80Property Management: (10%) $150Water + Trash: $150Repairs (5%) $75Capital Expense (10%) $150Vacancy (5%) $75Total: $1,180 MonthlyCash on Cash return: $3,840 (About 12% return on investment)Property was built in the 1930's and states "could be rented for higher with work/repairs" Average comp rents seem to be around $600-700If I could rent each unit for $600, updated ROI could be up to around 20%... 

Just make sure you run all the real numbers so you can make a good decision.

A couple friends can rarely agree on the same place to eat dinner, let alone make decisions to run a business/invest in real estate!"

Maybe laziness is a poor choice of words, the industry is more of a marketing game than a true service business.

This is a classic case of people running to rash decisions based on fear.