To deduct repairs and maintenance, they must be done after the property is converted to a rental.

What I have learned very quickly owning these properties is that you can make these work on paper to convert them into rentals when you do your analysis today, but HOA increases are unexpected and completely out of your control.

I can't tell you how many properties have units easily convertible from 1 bedroom to 2 bedroom units, units with favorable dimensional standards which can boost rents with no photos to showcase these attributes, assessment square footage that is not correct,  upgrades not identified in the marketing materials etc.

@Rob Ibarra Converting non restaurant space into restaurant space can be fairly costly from what I understand due to the need for larger than standard water lines to service the building and a general need for grease traps and other restaurant specific infrastructure.My first question around going from abandoned auto shop to kitchen is zoning, could you even get the use approved, and then are their any environmental factors in play? 

There was one instance discussed in the forums with a syndicator called Norada (you can search the forums for that name) where they not only stopped paying dividends, but also converted everyone’s capital to an equity position - which is code for “We don’t plan to give your money back unless we can survive to eventually sell the building.”  

And you cannot use it to purchase a primary residence.You can however use it to buy an investment property and later convert that into your primary residence to get a prorated amount of the gain tax free.You can also use it purchase and improve an investment property as long as the improvements are complete prior to you taking title to it. 

I bought my first primary back in 2019 and converted it into a rental last year May 2023.

I actually converted the usable ones to propane and secured a board blocking the chimney in the ones that will never be chimney safe. 

This is single family house but converted as duplex by previous owner.

Landscaping has the largest ROI (of about 200%), adding a wood deck or a patio will also provide a big increase in value (100% ROI).Add living space, consider converting attic space, finishing a basement, or repurposing a large living area to add a bedroom without expanding the home's footprint - this will give you an average ROI of around 75%.