The upgrade benefits the tenant directly, but also yourself by improving the asset you own.

I am looking to get into real estate investing as I crave financial freedom as well as the flexibility and creativity this craft has to offer!

My goal is to create passive income through rental single or multifamily properties and become financially free to be able to give my beautiful wife and my new born son the life they deserve.

Bought undervalue, planning on doing some improvements to the property as the years go by.

After moving in a did several improvements.

My problem really was that I didn't perceive at the time that the tax advantages are so important for a guy working on his own properties largely alone or with occasional help.Federal lawmakers understand that the small, local landlord is improving his community by doing something that the government simply can't do affordably.

The actual value improvement is going to be determined by the referees if the previous owner disputes the value you give them and as a compromise can be determined with an updated appraisal when the owner redeems. 

It's time to move and start taking the steps toward my goal of financial independence. 

After several phone calls and meetings, with accountant, financial adviser, and attorney,  (my team) I have decided to go with setting up a new LLC for this property.

Make sure you get something solid and don't analyze based on hopes for future market improvements.