You'll also need to consider ongoing costs like maintenance, taxes, and possibly financing. 

Yes, he's gotta report that rental income on his taxes.

.- If I deduct the depreciation for tax purposes, I can't add the flooring cost as an improvement to the cost basis when I sell the property down the road correct?

The tax code is verry complex and everybody even accountants will tell you different opinions as to what is right and wrong.

The flood insurance is offset by $600 yearly taxes, but I am having a hell of a time trying to sell it at $93k.

We started the journey last year Sept 2023.The deal closed mid November, after a 2 months journey to find the perfect property (price/Cash Flow/appreciate) and closed on it.Made her aware the holidays isn't the time for renters to move, however, once W2 taxes were issued in January 2024 she would get a tenant.She is officially a landlord!

Make sure to research property taxes, insurance, and any outstanding utility bills. 

I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.

Their insights highlight the necessity for a careful approach to vapor barriers and insulation, emphasizing compatibility with the building's original design and moisture management needs.Here's the plan:Ceilings/Attic Floors: Elevate insulation to R-38 or above, incorporating vapor retarder paint or smart vapor retarders for optimal moisture management.Walls: Boost insulation to R-13 or more, utilizing smart vapor retarders or materials with adjustable permeability.Basements, Crawl Spaces: Increase insulation to R-19, targeting ground moisture and internal humidity control.Materials: Opt for eco-friendly, breathable insulation and vapor barrier materials that preserve the building's historic charm.This meticulous approach elevates the property's energy efficiency and moisture management, enhancing its value and ensuring a profitable return without compromising its architectural integrity.I'd like to hear your thoughts, experiences, or any advice you might have on integrating vapor barriers and insulation in renovating historic properties.

As a hypothetical: if your total mortgage, interest, taxes ends up being $4.5k per month and you can have each person paying $1,200 then your personal portion is $2,100.