It's impossible to budget capex accurately without an inspection unless you are experienced enough to walk through and basically do your own inspection and know what everything costs.

Often referred to as a "x due in y".EXAMPLE: amoritize for 30 years, but balloon payment due in 5, so "30 due in 5".There's a whole lot more you can negotiate with this, but this is the basic version.

This is not a fee though-it's basically a forced savings account.

The plan is intentionally conservative, but I want to pressure-test the financing and execution before locking anything in.It’s a 31×110 lot (3,410 sq ft) The current concept is a two-story front duplex (two 2bd/2ba units ~1,150 sq ft each) with a rear 1bd/1ba ADU (~600 sq ft).

You’re basically pulling future depreciation into this year.Two things to watch:Make sure the rentals are truly rental activities for passive vs nonpassive rules — big losses don’t help if you can’t use them.Get the study done by someone who actually knows residential rentals, not just big commercial.So: yes, you can do it now, yes, you can catch up, but no, you generally don’t get to go back and grab the old-year bonus as if you’d done the study in 2020.

Start with the basics, then when you get good at the basics, then you can add more complexity if you would like.

Just make sure you understand the basics around that and your accountant is familiar with it.

The goal is to buy or build at a basis that creates equity day one and gives you breathing room.Lane two is a value add buy and hold, basically a BRRR style deal where 40k may work in the right neighborhood.

Basically, lenders are very skeptical of the argument "no one would buy it at $X, but it's really worth more than $X so now I want to keep it."

Basically you are identifying items that can be depreciated over a shorter useful life.