The business at one point had 4 locations, but the previous owner, once the divorce started, shutdown the other locations.Things have been fantastic (with all the nice ups and downs of retail) and we are expanding to a second location. 

We are looking at a purchase price around 64k, but the home last appraised for 130k.

We all know we are at the high end of the cycle as a country.

Although we are not magical unicorns, many architects speak planning and contractor-ese quite fluently.

We are planning on starting with the exterior of the project in December (I know, not the best timing).

Since we are third party managers we have to maximize value for our owners...try raising 200 units by 20% to get close to market...that’s when the pitchforks, tenant groups and lawyers come out!  

We are currently working on 3 flips in california and 2 in florida right now and will be heading out of state for our next buy and hold.

We are in the same expensive market, after looking in our local market and not finding anything that make sense I started looking elsewhere.

Second, we are currently using bank loans to buy so we can build a track record before jumping into hard money or private lending- so no cash.

Unfortunately, not all of them specialize in real estate taxation.For one to claim a deduction - it must be ordinary and necessary(and reasonable) in the business that you are in.Rental properties go through wear and tear from year to year.