HVAC - replace now or later?
The HVAC on one of my rental properties is nearing the end of its life. It currently still works but I can see it dying this summer or by next summer. I can't decide whether to just go ahead and replace it or if I should wait until it actually breaks down. I'd hate for it to break down in the middle of summer and then have to put the tenants up in a hotel if the HVAC company can't get to us immediately (as it's usually the case down here in the South). Pros and cons to doing it now or later? If I replace it now before it's broken, can I still expense it or would it need to be depreciated?