I am a landlord and have had the same tenant in my rental property for 3 years. 

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

Hello All, I am hoping to have invested in my first property before the end of the year. 

You run the risk of the IRS classifying the property as 'personal use' if you rent the property for a lot less than FMV.

You just filled in and registered to the country clerk.Title companies won't accept to transfer the property without using a warranty deed, because they can't insure the title, but that will come when your parents sell the property and at that moment your parents will create a warranty deed to the new owners.

I would recommend getting the nicest property you can for a reasonable price.

Also, consider what type of investment you're interested in—whether it's single-family homes, multifamily properties, short-term, long-term, flips, etc.

Hello all, I am very close on closing on my first property.

I'm interested in buying a multi-family property in New York for a reasonable price.

Hi Lizz, I can't comment because I manage my own properties.