Mission StatementOur purpose is to drastically improve and revitalize the Carondelet neighborhood.

I left a house empty because I didn't want a neighbor, do I claim depreciation of half the normal amount? It was empty six months. And do I record as placed in service again 7/11?

That is a "crushing it" deal you landed.With section 8 paying you will ride the government gravy train.Paul you haven't said if you will be buying all cash.I don't like the fact the house is from 1973.You have to worry about lead based paint and the EPA instead of being built in the later years.You have to worry they just put lipstick on it.Remember many of these companies do not care about you they just want the check.A connection should be formed with someone local to the area wanting to form a relationship with you that will last generations and help you get into good deals where you will not be into trouble down the road.I can tell you just 3 to 4 years ago getting houses for these prices was unheard of.It will not last forever.

You need to find a good environmental consultant in your area to inspect that 1955 building for asbestos and lead-based paint.

For Tax purposes your best bet is to start an LLC and DO NOT elect any other status.

Certainly as long as you read the bi-laws and it does not have preventive language for owning the unit for rental purposes is one check mark on the list.

My husband grew up in Edmonton so these leads might come in handy for some family members still there.

Comparable homes lead me to believe it's worth 2- 3 million in this market.

That is, I "pre-sell" my house by doing a cash out refi and using the cash for other purposes.

Copper coated lead is my metal of choice.