.** You should also look into any potential property tax increases associated with this change.

Used to be about $1,300/month, but after the hurricane, insurance has doubled and property taxes have taken a dent on that.

I am really trying to figure out how to put in a bid on the Baltimore City tax sale (coming up in May).

When investing in real estate, don't overlook local and state taxes.

In general, expenses related to the purchase or improvement of a rental property can be deductible, but the treatment of these expenses may vary depending on the nature of the expense and applicable tax laws. 

I just sold a spec, I built a house for my self last year and finished a spec this year, I bough the lots at tax sale, and I was the GC, HVAC, Tile, Flooring, Cabinet, Painter, and Misc. guy, made a nice profit, but the crappy part is taxes, its like a flip, short term gains. good luck!

Look at your monthly payment (PITI = Principal,Interest, Taxes, Insurance) + HOA + (other maintenance fees if any) and if this amount is less than what you charge for rent (whether its Long, Mid, or Short Term rentals) and you are happy with the positive cash flow, then yes.Or maybe you're breaking even with the condo but you have  knowledge that the condo will explode in value due to some business/attraction/law/policy that will prop-up the sales price in the near future, then yes.Really, it boils down to what your goals are for this first investment.

It's a good idea to talk to legal and financial experts about taxes, insurance, liability, rental agreements, and managing your finances.

In terms of property depreciation, would it make sense to distribute across 30 years or is it possible to claim a one time depreciation?

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.