I just have two upper floor units that have already had the electric and plumbing ran but will need completely renovated and have already been demo'd down to the studs.

New kitchen, flooring paint, some mechanical s etc..

I have a feeling that I wouldn't make any money due to the fact that someone that is paying around 450-500 a month probably isnt the highest quality tenant and very likely could trash the place, which would defeat the purpose of painting and redoing the flooring.

Flooring over 5 years. etc.Here is a chart of such items.Type of PropertyGeneral Depreciation SystemComputers and their peripheral equipment5 yearsOffice machinery, such as: Typewriters Calculators Copiers5 yearsAutomobiles5 yearsLight trucks5 yearsAppliances, such as: Stoves Refrigerators5 yearsCarpets5 yearsFurniture used in rental property5 yearsOffice furniture and equipment, such as: Desks Files7 yearsAny property that does not have a class life and that has not been designated by law as being in any other class7 yearsRoads15 yearsShrubbery15 yearsFences15 yearsResidential rental property (buildings or structures) and structural components such as furnaces, waterpipes, venting, etc.27.5 yearsAdditions and improvements, such as a new roofThe same recovery period as that of the property to which the addition or improvement is made, determined as if the property were placed in service at the same time as the addition or improvement.Property taxes go on Schedule A.

One repair that worries me because I don't know enough about it myself is the ceiling in the 1st floor apartment bedroom is starting to fall down.

For example the floor would be a $1 sq. ft. or more for nicer floor.

I would caution against changing the second floor to loft.

Now the questions :) Is that hickory on the floor?

Property Description: non-MLS four family property was originally a 7 unit building (approximately 4400 sq ft total between both floors.) that was converted to a 4 unit building.

I'll definitely monitor this thread.Maybe when you post pics, you can post the floor plans?