For the difference in rent (and guessing a large difference in cost), I'd go the quicker route and save for the major reno when you aren't in the middle of covid and you have better access to materials and trades people.

As an accountant you've got a great marketable skill set to trade on.

I mathed it out, and I think I'm better off riding LA appreciation for most of those ten years and then trading my LA assets for cashflowing properties in the Southeast closer to year ten.You're right about the high LA price points, though.

Before the contract was actually signed he ended up removing somethings saying that he miscalculated his cost and it would be more expensive than the $67,000.00 and we settled on a trade off of me and my father (an electrician) doing the electrical work if he did the rest for the $67,000.00 that I had already obtained the loan for.

Less money, however that's the trade off I'm good with it.

I didn't know about the window of being tax free so it sounds like it would be very beneficial to sell now if that was my planI'll "trade" you one of my Glens Falls properties for your property in Florida...

I found it in Nevada at a trade convention.How did you finance this deal?

We will likely make some changes in the next 12 months for “our” appreciation and use but hold off on others intended to increase its rent-ability.Generally, the repairs made on your primary residence are non deductible however a  taxpayer who is an individual may capitalize amounts paid for repairs and maintenance that are made at the same time as capital improvements to units of property not used in the taxpayer's trade or business or for the production of income if the amounts are paid as part of an improvement (for example, a remodeling) of the taxpayer's residence.The money you spend right now will get added to the basis and will be recovered via depreciation or when you sell it.

Yes.But you'll want to ask if doing so is beneficial.If the activity rises to the level of a trade or business, you'll have a 1065 obligation just like you'd have with an LLC.If a mere investment, you can just report on your Schedule E, however there are trade offs to doing so that should be discussed with your advisors. 

I'd love to connect with you and discuss more, maybe trade notes.