@Dennis Bragg I keep getting hung up on the depreciation end as if its allowed or not. What I've found so far is that I can 1031 into it as long as the lease is longer than 30 years. I also talked to the city. If the airport authority would deed the buildings to me, it would cause them to be entered on the tax roll. My 21k per year rent payment to the airport would now be 80k in taxes. The benefit here is that I cannot get behind on taxes and if I fall on hard times and my buildings are empty, my rent payment is based on my income, so I guess that is attractive. Lower income = lower rent. The property also comes with 7 acres that the airport told me i could improve with their permission. I can build a mini storage or whatever as long as the zoning is compliant. Or I can make it a gravel lot, put up a fence, and call it boat and rv storage. The ability to generate more income for simply the cost of a building is another huge cost saving over buying an expensive commercial lot and developing it. I also think that if I can make all of my money back in 4 years with a cash out refinance, what is the danger? After cash out refi in 4 or 5 years, it's all pretend money from there on out. Another thing that my brain keeps milling on is the fact that if in a normally purchased deal, I work hard and pay off a 3 million dollar building in 20 years, and then don't pay my 80k annual property tax, I'm going to lose my 3M building that I "own" but somehow don't really actually own. So who cares if I own or not? I'll be dead by the time the lease ends, so I just need to be able to depreciate it and leverage it and I think it should be pretty close to owning. As a side note the airport is interested in making a new lease. The current 99 year lease started in 1987, not 1945. And it doesn't even talk about what happens at the end because I guess they all just assumed we'd accidentally fly our cars into the sun in 99 years. 🫠 but there has been some legislation passed that prevents them from going more than 50 year leases. So we would go from a 60 something year lease (it has been extended when she purchased 10 years ago), to a 49 year lease. I would push for a clause that states the buildings and land deed to the leasee after the termination of the lease. That gives an investor a real asset to collateralize and it gives them incentive to not let the buildings dilapidate at the end of the lease. They are very win win oriented and they say each lease is unique and creative it different ways because each of the 130 businesses there are in buildings, factories, hangars, and shops all located on federal ground. So I'm confident I could find a solution, but would probably be forced to walk away if there was no favorable outcome for lease termination for the investor.