I currently have a CPA (only handles taxes and offers standard tax deductions advice) and a wealth manager at Abacus (handles retirement investments and stocks- IRA, 401K, etc).

I am currently working out of my home.

I’m buying a piece of land that has had a house on it before (it burned down) and currently has an old mobile home, on the other side of the property, that I’ll have to removeFor those who’ve purchased land, what would you do before close?

A cost segregation will not classify the whole building as 5 year.It will classify some as 39 year, 15 year, 7 year, 5 year and 0 year.The items classified as 15, 7 and 5 year will be eligible for bonus depreciation.Since bonus depreciation is currently 60% for 2024, you will still be depreciation some of the remaining depreciable assets over the next 15, 7 and 5 years.A majority of the building will still be classified as 39 years which still gives you a good amount of depreciation into the future.

My current project is to remodel two buildings in a commercial shopping center in Wimberly, Texas. 

Also factor in whatever tax benefits there may be in the new investment vs what you have now.As another poster suggested, are your tenants currently paying market rents?

Currently renting it out for a 2400$ profit yearly Lessons learned?

With the ready availability of internet based information, the number of sellers who aren’t cognizant of current real estate values of their home and believe it to be worth much less than it is grows smaller each day.  

I am currently an Engineer that makes about $70k but my true passion is real estate as I have a few real estate investments and knowledge on market trends.

About 90% of the owners in my current portfolio are out of state.