My explanation of our family's "conservative nature" and low debt was my way of mitigating that additional risk associated with RE when deciding between the two.

That's because you're comparing them against everything else.So, I'll typically do all of the following in a typical renovation:- Paint the entire interior- Replace all the flooring- Replace the cabinets- Replace the countertops- Replace the applicances- Replace all lighting fixtures- Replace all plumbing fixtures- Refinish hardwoods- Replace all doorknobs, outlets, switches and cover platesOn top of that, I'll do any mechanical repairs necessary, any exterior repairs necessary and replace anything else that might detract from the aesthetics.

Periodically if it's a long rehab I'll leave a light on in a random room each night.

I naturally stopped by and talked with the owner who is elderly and disabled.

As @Steven Hamilton II says the land is never depreciated.There are some components of the land that could be depreciated, but are typically not itemized as such.For example:Trees & shrubs have a certain life span and destroyed over timeSidewalksDrivewaysUnderground pipesSeptic systemsParking lotOutside light standards

In our town the tenant will be chased for unpaid electricity, natural gas and telecommunication services.

I leave lights on, radio playing inside the house, signs indicating security systems on property and also ask my friends and neighbors to keep an eye out, and let them know when I have a vacancy.

In Michigan, they have discovered huge pockets of natural gas two miles down.

Hey @David Light Thanks for jumping in and introducing yourself!

(an outside light, the fans on the furnaces, etc)Do you plan on managing the property yourself?