After the renovation is complete - you can either sell the property or refinance it into a long term DSCR (debt service coverage ratio) loan.

Last example using your numbers.

The frequency would be 3 calls a month that last 1.5-2 hours each.

Quote from @Paul Azad: Quote from @Ryan Arth: A value add play that shows yields and IRR comparable with the long term S&P average... 

We purchased the property in 2020 as a primary residence and then turned it into a long-term rental in 2022.

As a side note for education expense, you may deduct education that maintains or improves your current job skills or that is required by law or your employer - as long as the education does not qualify you for a new business. 

As long as the money is green anyone will accept it.Good Investing...

But classifying your depreciation (either the leftover annual depreciation after taking bonus depreciation, or the regular amount of depreciation if you didn't take bonus depreciation) can be taken as an active deduction against your W2 income for as long as you materially participate in the property.Disclaimer: I'm not a tax professional so not financial advice. 

It's a bit of a tough position especially if they have been living there for a long time with the previous owner without having a security deposit.

Hello, I see a few posts from New Zealand, but the last one is from 2020.