Your basis in the property is purchase price plus improvements.

Purchase price: $565,000 Cash invested: $33,500 Bought the house to live in and build an ADU on the property because it is zoned for it.

If you make the investment and install solar onto your rental(s), you would need to enter into a "Purchase Power Agreement" (PPA) with your tenants; But only if your state allows it. 

I just turned 22 and want to purchase my first rental property within the next two years.

He is an advocate of subject-to financing to purchase properties. 

As long as you like your job and/or industry and could do it for the next 15 years, what you are doing would work perfect for your plan.As you gain experience, maybe you can move into more units per purchase or start to BRRRR.

I currently own one STR in the mountains outside of Denver and am looking to purchase additional investment properties.  

When I started purchasing more investment properties, it was easier to buy them under our names and SSNs.

When done properly, this is particularly beneficial when a third party vendor or purchaser of the company requires a certificate of status which shows the registered series in use and in good standing with the State.

Purchase price: $585,000 Cash invested: $73,000 Our first Airbnb Property, bought for $585,000 and has not appreciated much since we bought it.