Here are the details:Your goals and story:  Want to do a reno/addition to the current primary residenceType of property: Single family homeLocation of property: Alameda County, CA Purpose of financing: Reno / ConstructionType of financing sought: Not sureCurrent or prior ownership of real estate: none Occupancy: owner-occupiedValue of property at present and/or your offer price: $1mAfter repair value: $ 1.2mAnticipated or actual appraisal issues: NoCurrent rents per month: $n/aFair market rents per month: $ n/aDown payment or equity: 100% equitySource of down payment funds, if applicable: n/aIncome Source: Salaried/hourly W2Gross monthly income (optional): $Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $ 1000FICO: ExcellentCredit issues: N/AAdditional details:

If I purchase the property, do I have to wait for each lease to renew or am I allowed to immediately start billing for water usage once the property is under my ownership?  

I realize I still will need to pay the depreciation recapture.https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6tbMe3DyHow can I qualify for a reduced exclusion?

You should look into a ground mount if you have the land, or one of the great community solar programs Mass has where you get the benefit of ownership as well as cost savings from buying into a large scale array.

This would allow you to manage the property as you would have ownership, and also gives you right of first refusal if the owner ever wants to sell it.

Ownership of forest lands were checker boarded with national forest land and BLM land..

If you are going to be owning income producing property, the actual ownership entity should generally be registered in the state where the property is located.

There's no built in equity at the moment of ownership.

That is the responsibility that comes with pet ownership.

Kudos to you for looking up the property ownership.