Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elements and roofingBasic HVAC componentsWater heatersFire protectionThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

He thought you were looking to be a borrower with your plans investments, not be a lender with your RRSP.I would seek out providers of self-directed RRSP plans in Canada. 

Prioritize your financial stability.

Tenant goes month to month and on December 15th give notice that they plan to leave by March 31st, 2025.   

I believes that well-planned real estate investments can open the door to financial freedom and generational wealth.Welcome!

Plan is to buy just outside the most desirable area (downtown) in an up and coming neighborhood.

I am taking your advise, and switched my game plan to include a local agent or property manager to show the properties. 

But, if they have given up on the home, is another story.I plan to stop by the house again soon and leave a note and try to find contact info to talk with them to get their story.From what I have gathered, the original owner passed away and one of their children obtained the estate of the home a while ago but, may be living in Orange County.