@Lee Hampton, do you know what the expected build cost might be for a 2000 sqft home, or price per sqft?

@Lucas Carl, When you talk about your cabin with a purchase price of $500k, I'm assuming a 25% down payment + any costs to furnish/fix/renovate as the initial cash outlay (for example $150k total). 

Such as renovation costs, money I paid for it, etc?

RE investments are a business and as costs go up you have to raise prices.

Roughly $11,000 total up front acquisition cost.

Would the value of the remodel increase the rents or the selling price that would out weight the cost? 

This may inherently allow an allowable offset of PAL, when ordinarily the cost seg depreciation would be subject to some possible suspensions.

Located in: Trenton, NJ  one thing to realize and talk to your accountant about is if you assume it - do you assume it based on his cost basis, which could be a lot lower than the property value and then when you do eventually sell it, you could be hit with a nice capital gains bill. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Can a tenant deem something a necessary repair when it does not effect habitability and there is in fact no issue?