Residential rental property is depreciated on a straight line basis over 27.5 years.

He was literally on the front line of all this mess and was not buying that housing values were organically raising in value at such a steep rate.

After 20 years as an investor I'm sitting on the side lines - why do you want to buy today when it will PROBABLY be 10% cheaper in 6-12 month.

Once you learn to tread that careful line of investor/agent legally, and learn to deal with disclosure, it does give you advantages you wouldnt have otherwise.

His thinking is along my lines.

So along with a full remodel of everything, a new septic / or possibly tie into the main city sewer, and new water lines / or new wells dug.

Always put your phone number on first line of your description tag.

This will be on line 12 of the 1040.

I was consistently nailed for loose hand rails, smoke detectors with the batteries taken out, Fire extinguishers out of date or not in place, loose door knobs, typical renter mentality stuff, the lines in the parking lot were not dark enough one year.

Here is a clause I have in my assignment contract:Assignee agrees to stand in the place of Assignor, and agrees to indemnify and hold harmless Assignor from and against any claim or action which may hereafter be brought or asserted by Seller against Assignor arising under or by virtue of the AgreementThat should be sufficient protection against any litigation that comes across your way.Although I would have an attorney look over any clauses in your assignment contract to make sure they are in line and legal and maybe ask to see if there is a clause you can add to further protect yourself.