How long did it take for you to have the confidence/Income to quit your day job and focus on real estate full-time?

For example, if you have a cap-ex reserve that could probably be in a less-liquid account (such as a short-term CD) since you may have a higher degree of confidence that you will not need to touch the money for a few months. 

You need to invest significant capital into improvements to get the tax deferred benefits, but you'll have to see what the building is zoned for, in order to give yourself more options.You could create a shared work-space, if managed well, can generate a lot of revenue.Again see what the zoning allows for, but you could lease to a cafe or the like.

Make sure you're confident that the property will appraise for what you think it will before moving forward, else you'll just be throwing money away on the appraisal.

Adjusted basis is purchase price plus improvements minus depreciation.If you plan to rent the property, you will not be able to exclude the gain from depreciation recapture.Please note that payoff amount has little to do with what the basis of the property is.

The property was pretty much turnkey so I haven't had to do any substantial improvements.

Even if they don't meet their estimated 13,000 direct hire jobs @ $56000 a year plus benefits, plus 7,000 supplier jobs, half that many jobs in Racine will make a huge improvement in the local economy.     

Improve the curb appeal.

My oppinion is big advantage to delinquent taxpayer because it is more options available for making money renting and preservation improvements in the first 3 years under the old Alabama procedure.

The one area I'm further from confidence on is the planted pine.