I have a CA r/e salespersons license and am currently in the process of filing for a reciprocal r/e salesperson license in AL.

I am debating between suburban residential buildings, and smaller buildings in touristy areas that has AirBnb potential.On my tax return, I only have rental income from 3 rental properties in the US (Schedule E).

QIP (qualified improvement property) defined by IRS code section168(e)(6) as “any improvement made by the taxpayer to an interior portion of a building which is nonresidential real property if such improvement is placed in service after the date such building was first placed in service.”The intent of the TCJA was to treat QIP as 15 year property.

Replaced 24 old, rotted wood windows with new low E vinyl windows, replaced 9 old broken wood exterior doors with new steel security doors w/ master key deadbolt system, added one bedroom w/ lighted closet, and lighted closet to existing bedroom, 2300 SF of new carpet installed, 700 SF of engineered hardwood installed, 3 new water heaters, 2 new exterior electric services, 2 new interior breaker panels, new paint on all walls and trim, 4 new shower surrounds, 4 new countertops, 4 kitchen sinks.

Replaced 24 old, rotted wood windows with new low E vinyl windows, replaced 9 old broken wood exterior doors with new steel security doors w/ master key deadbolt system, added one bedroom w/ lighted closet, and lighted closet to existing bedroom, 2300 SF of new carpet installed, 700 SF of engineered hardwood installed, 3 new water heaters, 2 new exterior electric services, 2 new interior breaker panels, new paint on all walls and trim, 4 new shower surrounds, 4 new countertops, 4 kitchen sinks.

Are the rents being reported on your schedule E?

I ended up drafting the estoppels and sent them via e-mail w/ E-sign. 

If you have good credit your already ahead of t g e game, if not learn that and about managing money.

I recommend talking to @Donald E Appleberry as a real estate agent.

Keep in mind that the liability under an Ownership and Encumbrance Report (O&E) in Florida is capped at $1k so if the search misses a prior mtg or a $50k judgement and you buy the property, that's what you'll be entitled to recover.