Everything looked as I would expect it to except the last red flag that made me fully apply my brakes! 

Everything looked as I would expect it to except the last red flag that made me fully apply my brakes! 

@Gene Chandler I think the return/risk-reward applies in my thought process.

Best off to talk with a CPA and see how it applies to you. 

As a result, we had to apply for a new gas line separately.

As a result, we had to apply for a new gas line separately.

Maybe you have a massive income, and this does not apply but the average investor I meet needs this income to qualify for property 5 and above.

As a general rule, if you do work to improve the building it increases the assessed value.But the amount could be negligible in the end and there could be a delay of a year or more until it affects the assessment/taxes.For example, if the assessed value increased by $10,000, taking into account the 40% discount on assessed value for owner occupants and applying the tax rate of 24.56, would only result in $147 more tax per year.

As you will see in the lesson learned section, this was a deal where we made a lot of mistakes but we applied those lessons to all our next properties and have since not repeated them.   

You can only apply and receive the tax abatement with permitted work.