Historic Tax Credit Investing

[Brandon Shaw]

I was wondering if anyone has any experience with rehabbing historic homes using tax credits and understood the process.  I'm considering properties in the Norfolk and Portsmouth areas of Virginia where there are a lot of homes that could be eligible and there are some nice programs for fixing historic homes from the city as well.  I've looked into the tax credit requirements on the state and federal level and it looks like its only useful if you are doing full rehabs but I see the benefits could make this a very profitable strategy.  Any suggestions or advice on going through the process?