Guess what, electrical is even more expensive because you have to cut through the drywall to run electrical, then patch it back up, paint it, etc. 50K ain't enough for all that I'm sorry.

Did a light rehab on the 3rd unit - fresh coat of paint and new carpeting.

The city mandates lead paint testing.

Is the cost of painting (interior only) a rental property deemed an expense that can be entirely deducted in that year?

We painted every wall, finished new flooring, repaired drywall, all new doors, all new kitchen, partially new bathrooms, replaced a torn out support wall with a header, All new trim, updated HVAC, cleaned up yard / landscaping, removed all trash

Painting What was the outcome?

At my Keller Williams office my personal favorite class was Contracts class, where several times a week the most experienced agents in the office teach you about all the forms you will encounter (Purchase and Sales, Property Disclosures, listing agreements, lead paint, and so on) how to use them to your advantage and how to stay out of trouble by using them correctly!

We replaced the furnace, all the flooring, base layer painted every inch with Kilz even the subfloor and it turned out great.

These units are distressed and will need lvp, paint, drywall repairs, electric and plumbing work plus fixtures, windows and HVAC.

It will rent for more once it is rehabbed (flooring, paint, carpet)!