The smell of mildew is strong.I know the repairs part...but the mildew smell and such will be a new challenge.Besides replacing the damaged areas, I was recommended to shellac the entire floors and spray a mildew solution everywhere.

@Pradeep Roy are you purely wanting appreciation?

Hello John,My name is Lance, I am an out of state investor, I have a rental house in Irving that needs flooring replace, currently they are laminate planks. 

This strategy involves having a third-party entity hold the replacement property while you complete the sale of your relinquished property.

To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.

Of course capex does come into play, but I have a lot of factors on my side including most major components of the property have been replaced already, including roof replaced 2 years ago, water heater replaced 3 years ago, full house was just repiped, septic system is 5 years old, HVAC system replaced in last 7 years, i do not cover appliances with warranty in my rentals, and the tenant I placed in the property is a single dude who works 60 hours a week and just needs a place to sleep.

If not I can replace them without waiting until Aug, great! 

And in general there is a lot of downplaying of risk in the pursuit of pure ROI.None of that is wrong I guess, it's just not my style. 

For example, you can have a large capex event like $20k roof replacement, but you can’t necessarily deduct it in a single year.

All the remediation company does is stop the leak/repair the plumbing, remove any wet materials, dry everything out with big fans and then replace whatever needed to be removed.