You start depreciating as soon as the "for rent" sign hits the yard.

The advantage of looking in my own back yard is that I would be able to do the smaller repairs and then use local connections via family and friends to do the bigger projects like plumbing, electrical, roofing, etc.

Sits on 0.68 acres so a nice large back yard.

Purchase price: $120,000 Cash invested: $120,000 This is a large ranch with a great back yard.

I do the trash out first and then put a sign in the yard during rehab.

The property has a second, detached in-law unit with its own yard.

I finally got the last unit above me rehabbed so now all units are repainted, have updated kitchens and baths and with repainted stucco exterior, added exterior sliding doors to back yard, new built wall to my neighbor along with patio and shed to separate 2 ground floor units. 

The rear-yard setback for lots less than 50' in depth used to be 5' for the first floor and then the greater of 9' or 20% of lot depth.

They also left 66 cubic yards of junk in a <1000 sq ft house that had to be cleaned out.

Ocean view, HUGE yard, and has a potential mother in law quarters or even a possible duplex capability.