As an overall complaint of NH / Boston (I'm also an agent in Boston) right now, the housing stock is just tired, old, and in need of a lot of updating - which is difficult considering pricing and cost of labor, supplies, etc.

Please keep me updated.

Can you set the new rules immediately or do you have to follow those too until the leases are updated?

I’m looking forward the the Baton Rouge Trends meeting that provides an update of market data by each real estate category.http://www.batonrougetrends.net/

@Uchenna A. be sure to keep us updated.

We want to update the 2nd and floors, and if we do it could be verrrry costly, possibly 16k for each unit to update electric and plumbing, we do plan on owning this for the long haul. 

I'll keep updating to hopefully provide a good story or some good lessons.

If your question is "how can you do this and not work a regular job", then see @Alexander Felice's post above.

., there was a technical error, and the section of the tax code describing 15-year property (Section 168(e)(3)(E)) was in fact not amended to include qualified improvement property.So for now, strictly-speaking, in 2018, qualified improvement property is regular old 39-year property that is not eligible for bonus depreciation.We do expect that a technical correction to the law will be made, but for now the IRS has actually stated that it cannot guarantee that absent legislative correction it will accept the legislatively intended change in recovery period and bonus eligibility.Anyway, this is neither here nor there since you have stated you are a landlord of residential rental property rather than non-residential real estate.And this does not affect the application of 100% bonus depreciation to both qualifying new and used property place in service after 9/27/17 and before 1/1/23 that @Yonah Weiss pointed out.

Plus, unless a really unfortunate series of events happens, most regular folk do not have their personal residence taken (not saying this is the case 100% of the time).