Then after the year is up i would move into the final unit and do the same reno and eventually move out completely. 

It took a very long time but we were finally able to sell that property for a nice profit in 2017.One important distinction is that the cause of the last recession was the real estate market bubble bursting which caused prices to tumble.

At the end, I will make a final Checklist using all the inputs.

Bonus depreciation was increased from 50% to 100% for property placed into service after September 27, 2017, and before January 1, 2023.And finally, affordable housing has never gone out of style.

You should have the right to final inspections before you sign.

Renter  tried for 3 years to buy finally told him it's going on market, he moved within one month but bad mouthed the house to all neighbors. 

The numbers are fine, not spectacular but I felt good at the time.The financing is not yet final as I haven't yet gotten insurance.

Finally, Scott Meyer has a lot of free material on his website as well to learn more about it. 

With the considerations I have outlined above for missing and low expenses, I think you will be cash flowing negative for many years before this property finally starts to support itself.

We finally got a multi-family under agreement and I'd hate to give it up because of this!