With the Duplex now, my understanding is I file as though the rental half is a separate property and cut all expenses in half as a write off to my rental income (property tax, insurance, maintenance, improvements, etc...nothing was done specifically to either unit it was full home external work like garage and railing repairs, painting) as well as depreciating the half of the duplex that is a rental after calculating basis.It all seems very straightforward to me but I know I'd be naive not to have a second set of eyes with a professional given my lack of experience.

Over the past 2-3 months, my buyer clients have been offering anywhere from 2k-10k on homes in the 300-500 range depending on how competitive the specific property is and how strong the other offer terms are.

In our deals, we structure it so that the LP gets a 6-8% pref that is structured as debt so they get paid FIRST and the GP gets paid second if there's money left for the split.Also, we only do deals with project IRR of 30-40% so there's enough margin of safety or cushion for the investors because bad things sometimes happen in any investment.

Are there any specific considerations related to barns, pastures, or riding arenas that we should keep in mind?

You will generally find that almost everywhere, including unincorporated counties that house urban cities, rooming houses or border loging is specifically prohibited OR includes specific permit regulations like obtaining a Conditional Use Permit.

We've actually pivoted our strategy for these reasons to find deals in KC that are closer to new-build quality but still have some margin for rent growth

Cleveland, Ohio is a great market to focus on for cash flow and specific pockets have gone up 2x and upwards of 4x in the last 5-10 years even!

Where most wanna be investors lacking capital make their mistake is that they don’t understand that if you lack capital you need extensive knowledge; and that knowledge is NOT obtained from a guru mentorship focused on some specific (often fantasy) technique.  

If anyone is interested in more specific details, please DM.Thanks,   

With already slim margins, it's getting tougher.The real estate game is never easy.