Do you want to replace your current income with rental income or other passive income?

The only updates to the property I have done is replaced the furnace, fridge, and dishwasher.Would it be best for me to use my heloc to add bedrooms to the basement or go the full legal suite route to generate more rental income from this property? 

I expect this move coming within days. 30 day holiday, with wage replacement, trump checks, stays for rents, mortages, taxes, etc.

Hello,We have a general question about recording for tax purposes HVAC replacement in a single-family rental property.For the scenario below - is there an option to deduct the expense (fully/partially)?

I can't really afford to cover their rent because I will need to replace my dad's income, if he loses his job due to coronavirus. 

It just goes long-term they're talking about perhaps tens of millions of jobs. so when you start getting those Replacements in the form of long-term tenants, you might want to consider their ability to pay you.

We've had expensive plantation blinds used as a chew toy, lawns ruined, doors replaced due to excessive scratching, and cat odor can get out of hand - some of these were found during routine inspections (and a few could have been prevented with more frequent inspections).We don't do pet deposits (deposit implies refundable) - we do nonrefundable pet fees and pet rent. 

For emergency repairs, like replacing a hot water heater, pulling the permit after the fact is permissable in my area.

If some things disappear, I just replace it and go on with my life. 

I'm committing to investing 5 doors in 2020 and replacing my income by 2025.