If you get a small amount, bonus.

If you can do it in six months - bonus!

IRA Pub 527 will tell you that there are three basic class life categories for your rental property. 27.5 year property is anything that is an integral component of the dwelling structure - such as roof, windows, HVAC, water heater, etc. 15 year property covers most of your landscaping items, such as new sod, sidewalks, trees, etc. 5 year property covers all the furniture and furnishings that you provide for your tenant's use (kitchen and laundry appliances, area rugs, furniture, window air conditioner, etc.

As a bonus we got $5K that the city was holding when we paid ourselves off.

It really depends on the rules the brokers put in place -- many of them won't allow their agents to get cash bonuses or commissions directly from selling agents anymore.Also, we have our favorite listing agents and brokerages and we'll make an effort to send bagels, chocolate, etc to the whole office every once in a while just to keep our names top-of-mind for the agents.

Interesting concept regarding xmas bonus for taking care of a property throughout the year. mck

I agree Ned Carey and since the majority or properties will fall in that category, most will want to follow that.For example, the building I own, manage and live in is probably not subjected to some of the fair housing laws.

If possible I would like to source a block of land which has an existing dwelling that could provide an income stream I have studied council bylaws to learn about zoning and sub-division requirements in each respective zoning category, become familiar with the local council resources including looking interactive maps that show precedence for re-zoning approvals.

Back taxes were a good category too.

I also categorize each income/expense IAW the categories that you find on Schedule E for rental properties.