The general consensus is that the rebate will need to reduce the purchase price of the asset and your accumulated depreciation and depreciation expense accounts will need to be adjusted to reflect the change in cost basis. 

When getting ready to close one's first deal as a newcomer, what are some steps to take to minimize the risk involved?

I remember an article in the WSJ that calculated Phoenix had 20 years of shadow SFR inventory:) The guys that were saying how crazy we were to buy back then are the same ones screaming how anyone buying today is a sucker!

@Jason Bott Renovation Insurance Agent WisconsinGood lucks with reducing your insurance cost.

Coming in with all cash can drastically reduce the time frame for closing. 

Is there someone else in your family you could rent it to at a reduced rate to house watch??

Tenant plans to stay 2-5 yrs.It is in Shadow Woods in Aloha, a relatively nice community.Was hoping to squeeze out a couple years out of the deck but...Thinking a concrete pad would ruin it for the tenant already there.

I wonder if future rate increases would decrease multi-unit price?Since multi-units are priced based on CAP rates, they will be interest rate sensitive.  Ie buying a multi-unit at 10% CAP makes sense in a 3% treasury-...

If you preferr to have a 30 year amortized loan, go to one of the online tools, calculate what your payment would be over 30 years with the interest only interest rate and pay more every month.It gives you the flexibility to stop making that principal payment if need be and only pay what you have to.It is a free option to reduce your cash flow in times of need.Now the trick is that the int only loans might have a slightly higher interest rate, not much but maybe 1/8thI think it is worth it.

In the event that an owner unexpectedly shows up and asks for the rents collected by me while I possessed their property, I'm entitled to reduce the amount of rent I owe by the documented necessary and reasonable costs of collecting that rent and managing the property.