Currently have a 1/2 acre in Bastrop, TX, and I am looking to build on it sometime later this year.

Even with the current market inventory is moving since it is a more affluent market used for building your equities and long term wealth. 

Whether you live in the same building, next door, or two states away, it is important to set boundaries with your tenants.

**Roof Repairs/Replacement**: Ensuring the integrity of the building's roof is vital for tenant comfort and property value.2.

Screening uncompromisingly and regular inspections can go a long way to mitigating potential risks.

One older I bought at an auction  and a new build.

Also, have plans in the building department to add another unit over the garage.Good Luck!

I know that there are so many (and more effective) ways in which real estate builds wealth rather than just cashflow but still simply trying to wrap my head around the best way to start building my portfolio. 

Is there any tax strategy that can be used to depreciate the actual cost of the building itself if not used by us for our LLP's business?

While initially enthusiastic about the potential of the property, upon inspection, I found myself overwhelmed by the extent of work required for its rehabilitation.As a beginner in this field, I must admit that I feel ill-equipped to accurately assess the necessary renovations and calculate the total cost of rehabilitation.