You need to pass "material participation" test and personal use test, but that's for your future tax professional to explain.Yes, bonus depreciation is possible, but only on the current value of the personal property and land improvements.

Poor Property Condition: Dilapidated buildings or signs of neglect indicate potential costly repairs and maintenance down the line.

Looking for some advice on potential tenants that want to rent our airbnb for 30/60 days. 

What you've listed as work is really nothing that a "regular" homeowner would do to their own home, even potentially at the same time. 

We may consider converting it to a bedroom in the future though probably not for a while.Thanks in advance,Aaron 

Our main plan is to get a bigger house in near future (4-5 years) and keep this house as a rental property. 

I have heard that Detroit has a lot of potential right now.

Screen potential tenants thoroughly with applications, background checks, credit checks, employment verification, and reference checks.When screening potential tenants, it is important to use industry-standard forms and reliable screening services to ensure compliance with fair housing laws.

Or you could potentially partner (although I much prefer private loans).Or would the seller consider offering seller financing for six months or a year maybe?

I think overturning some of them will include getting some of the nearby lots to vote on it as there is a clause stating that that's allowed.The thing that scares me the most is regarding the stylistic stuff -- there's a clause stating -- "The homes shall be harmonious with and reflect the exterior design characteristics of these homes already erected on the property" and that combined with -- "it should be lawful for any peron or persons owning any real property situated in said tract, to prosecute an action or proceeding at law or in equity against a person or persons either to prevent him or them from violating these covenants or to recover damages for such violation"My RE lawyer friend said that its such a broad clause that it could potentially open you up to getting sued if a neighbor really wanted to depending on the stylistic choice of your home.