From what my cpa has told me and what I remember I believe under the new law you can expense any amount over 2500 in the year it was paid.

My counter part who started out all fired up and seemed to be doing okay, over paid I think for certain jobs, like $45hr to reframe, he and his buddy painted (not complete) for $15hr, had the whole house sided instead of using what was there and the crew took us all summer.

Account Closed, sorry to hear that (it reads like)  your home is worth less today than you paid in 2001?

While rehabbing that property (which will cash flow approximately $300 a month when all done) I managed to get another SFR under contract using owner financing which I will be closing on this month... completely rehabbed with a tenant in place and negotiated down to 30% below market value with seller financing at 6% for 3 years...now the awesome part of this deal is that although the property won't cash flow until it is paid off.... in 3 years I will own a $75K property free and clear that will cash flow $600 a month....second unit...check.... 

I know this is a personal decision, but do you think it is a good financial decision to hold on to it until it is paid off so that we can use that money towards paying off our current house?

You bought land using cash or got the loanYou able to pre lease?

They both had other jobs when they bought because their first facilities didn't cash flow enough, but they stuck with it, paid off the debt and expanded and bought more! 

In 1974 I paid $16,500 for a 910 sq ft house in Richmond VA.  

Unless your internship will continue after your graduation and that internship is a paid internship. 

Next lease maybe have the lease end on the last day of the month and always spell out on the lease what damages are due to you if rent is not paid through the full term of the lease.