There are two main ways to utilize this exemption.

Fully furnished, with all utilities included.

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

The PPM and Docs are customized for your project so you will need to have it outlined upfront on the structure and payout (is it pref equity, debt and the capital stack etc).

They have other nice benefits also such as not charging for appraisals if the deal doesn’t close, a great reputation amongst local listing agents with meeting deadlines/ great customer service/ getting the job done with no b.s. and they can often close in under 14 days. 

• Should utilities, internet, or services like snow removal/lawn care be included, or not?

@Marc Robinson some may be more adventurous than me but with septic and well I would walk awayI prefer TOH of course but with $300 lot rent and 19 occupied, utilities included in rent I would pay $400-450k for this

Many commercial leases have custom clauses. 

I did make sure they got the utilities switched over in to their name which took a few days.All in all, it was maybe 7-10 days left in august by the time they got all the utilities switched etc.

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).