My thought would be that since we are likely to have to make the  repairs, why not let the rental income cover the repairs, and if we decided to sell, we would have a cost basis increase that would not trip a capital gain. 

I continue to read and listen to BP podcasts, and appreciate all the insightful information posted daily on the forums.

Only 200 basis points in spread between treasury and cap rate, that is pretty low!  

The fundamental problem is the fact that most licensees are focused on sales (read: commissions), and do not have adequate knowledge and experience with the daily operations of facility and tenant management.

Even really shy people have to deal people on a everyday basis unless of course they are true anthropophobics, in which case hopefully they have the help they need from their family.

I've been reading posts daily and would like to thank all of you for your input.

They got that way through their daily habits and commitment to greatness.I posted up a list a few months back on our blog (link below in signature) of my Top Ten Self Development Books for a Real Estate Mindset.post up your list of books and CD's that you use to help maintain and improve your real estate mindset.

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Since I bought out half the partnership which just happens to own the property does my adjusted basis change to the amount I just paid for the "new" half?

You must use the lower of actual cost (basis) or fair market value at that time.