My cash offer of 124K was not acceptable to him, so I said, if you will give me an Option to purchase for 6 months at 150K and I can do any improvements I choose at my expense, I will get it sold and my profit will be the spread.

I like to improve the property if I can. 

I should have just refinanced to fund my second home improvements.

We also have no land transfer tax, or rent control, which is a big advantage in multifamily (5+ units), as you can improve the property, raise rents to market value with only 3 months notice, and suddenly the building is worth exponentially more.

Yes, the depreciation was calculated for 80% improvements value. 

The pros are that it is a property that you can be close to and maintain, and making improvements to the home which add value benefits your entire neighborhood, including your primary residence too!

I have been wanting to get into Real Estate for a long time, but spent too many years improving my procrastination skills instead. 

(I recently became president so im trying to make some improvements) Some owners have had a hard time paying on time so I think having the option of electronic payments would eliminate excuses for failure to pay.What is the most recommended method to collect due electronically?

My guess is that it went down because of poor neighboring areas.Potential Improvements: 1.

I think college benefits you as a person and improves your critical thinking as well as written and verbal skills.