My end goal is being able to flip/rehab properties. 

Did minor updates like paint before selling it to 1031 into my current househack / flip / buy and hold Commercial Property.

The landlord can only deduct for actual damages, which can be physical damage to the property or lost rent.

@Matthew Turcotte I would talk to @Sergio Altomare from Hearthfire HoldingsI’ve sold Sergio several self storage properties and he and his team are doing a great job putting together investors on self storage specific deals.

I live in Naperville, Illinois and looking to invest in Brrrr propertied within a 25 radius to include towns of Bolingbrook, Lombard, Wheaton, Villa Park, Elmhurst, North Aurora, Wheaton, Glen Ellyn, Downers grove, Westmont, Schaumburg & Carol Stream areas.I am in the process of building a team of real estate agents,  licensed rehabbers, real estate attorneys, property sourcing channel providers etc.I look forward to members to assist me on my journey.Thank youSuhael Ahmed

I suppose it is possible to do it yourself but do you really want to close on a property without title insurance?  

I would love to hear any and all thoughts about this as a first or early purchase including financing details I may not fully understand for commercial properties. 

What a lot of people think:Bonus depreciation is only for new properties or acquisitions.The truth:You can retroactively apply bonus depreciation to property placed in service after September 27, 2017, when the Tax Cuts and Jobs Act passed changing various rules.The IRS allows you to claim missed depreciation deductions by adjusting your current year's tax return, without needing to amend the previous year's returns.This is typically done through a change in accounting method using IRS Form 3115.

Since you already own a property, you wouldn’t qualify as a first-time homebuyer anymore, so FHA loans with their low down payments may not be an option.

We would either keep it as a cash-flowing rental property or fix it up and move in to it and rent our house.