Editor's note: This article incorrectly stated the typical depreciation schedule used by investors for a rental property. Under the Modified Accelerated Cost Recovery System, generally the depreciation schedule is 27.5 years for a residential rental property placed into service after 1986.
DEAR BERNICE: My husband and I just relocated from Los Angeles to Arizona. I rented my condominium in Los Angeles and it's currently costing me about $500 per month over what the tenants are paying me. I bought it back in 2002 and still have equity in it, despite the downturn.
We found a really good deal on a house here in Arizona. The challenge is that it's really hard making the payment