Check with your utility company see if they offer incentives.

The main items in our renovation are:New water main from curb and valveNew electric service and panelAdd bathroom + convert to full bathLVP in 70% of the houseInterior PaintingAdditional bedrooms in basementKitchenette in basementEgress(x2) in basementOur scope of work should create a great living space for us to grow into, but also provide a rental unit that competes (or even exceeds) the area offerings for medium term rentals.

The contractors said no partial repair is offered, everything has to be redone.

These offer lower upfront costs and less active management compared to some other strategies.Base your decisions with your learning curve, start with simpler approaches to gain experience and knowledge before venturing into more complex strategies.

Did you know that the tax code offers many incentives for real estate property owners that have a cost segregation study performed, thus allocating costs to 1245 property?

Try this device to measure the noise: https://www.amazon.com/Indicator-30-130dBA-Detector-Temperat...You can also stick the same device by windows and doors to see if temperature drop - which would indicate an insulation issue.In addition to getting an Energy Audit, you may also want to look into any state, local or utility programs that offer discounted or financed energy improvement programs.

To Clarify, When you pay off your principal, there is an "ascension in wealth" and this will increase your basis and offer no write-offs.

I should preface my response with saying that I have never done this but can offer my opinion as food for thought at leastMy question is: What makes a "good" deal and/or how do I know when I've come across a "good" deal?

@Neisa Adams Usually you look at the property (I bring my contractor on the initial showing because if he says no to a property then the deal is dead in the water to me) then you decide if you’re making an offer, then after your offer has been accepted you get an inspection done and once the inspection report comes in you get your estimates.

The best coach is life and experience.You can only do so much theory and the best lessons are learnt via practice.There is enough free information here on BP and many very good and very experienced investors offering their advice for free.Just my opinion.Thanks