It wasn’t easy—there were tons of repairs needed, from plumbing and electrical updates to cosmetic fixes like flooring and painting.

Getting an LLC in place from the start can provide peace of mind and give you a chance to familiarize yourself with the process before expanding your portfolio.

The reason to have comparables is if you are representing someone or perhaps purchasing a house for yourself to live in.

I guarantee your life would be so much better if you removed her and replaced her with a good renter.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

It's boring and takes more capital so it's not as exciting but it has been effective and I feel its something everyone can do. 

You need properties to do that. 

How has it been going so far?

If you want something done right you have to do it yourself.

Hi Jonathan,Congrats on your first big renovation deal—it’s an exciting challenge!

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price