You cannot depreciate any improvments on the property.  

Alternatively, I believe I can sell the condo and break even in five years, due to improvements in the neighborhood and paying down the principal during that time.  

Even after spending 15k on repairs and improvements my total debt on the property is only 40% of the ARV. 

Based on your introduction and profile, I think we have similar real estate investing interests except I'm primarily focusing in LA for now and particularly interested in flipping.Feel free to reach out if you ever want to brainstorm together on narrowing down different parts of LA to focus on!

I know most of you would tell me I should be pre qualifying leads before actually wasting my time to go to the property, but I wanted the experience of walking through houses, learning to build rapport and improve my sales skills.

Dear Bigger Pockets, I've been pretty thorough in my profile and it seems I have gone some distance toward  outing my inner nerd.

Although I am not completely opposed to renovation I am looking for something a bit more turnkey which I can add value to through non structural improvements.

My email should be posted on my profile.

Then analyze potential areas of improvement after the dust clears.

We are aware of the permits, utilities, and drawings and such that needs to be done to make this happen and the approximate cost to make these improvements.