During the partnership, you can jointly manage the property, increase its value, negotiate a flexible repayment plan with the seller that allows for larger payments after the property appreciates, ensure a written agreement that clearly specifies repayment terms and timeframes and refinance, and the sellers are able to 1031 at their leisure? 

Typically, the adjustments I see on appraisals for basements are more flat rate adjustments. 10k is usually the number I've seen.What stinks is that there are a couple of model types that have below grade space where the builder, I'm sure, was trying to lower the taxes by having it below grade so the county wouldn't count that space in the assessment.

If the numbers make sense, the plan is to approach the seller and attempt to get a lower price for this "2-story" building which has vacancies, since that's what the owner is selling.

Would you rather maintain a higher price for 4-8 weeks and look for a premium or would you rent it quicker with a lower price? 

The important factors of a consolidation exchange are the reinvestment requirements and the time frame requirements.

Off-market deals are key if you go this route, so networking is huge.Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving.

I did a cash out refi on my principal residence at a much lower rate and paid it off.Now I plan on using the equity for more purchases.What? 

All of this equates to lower returns with turnover costs, being the primary one.  

if there is appreciation, but you wouldn’t sell your current home tax free and buy a neighboring home to rent out, (There by raising your cost basis for additional depreciation and lower capital gains tax.) then it probably doesn’t make a good rental property. . 

It starts with doing 10-20% of the work and paying much lower taxes.