The boiler was all rusted.

If the LLC is a single member disregarded entity as @Bryan Zuetel said then you are not changing the tax payer when you contribute that property into that LLC. 

I see 3 options and I don't know how to price any of them...Remove the whole thing, it was in poor shapeTurn it into paid storage, I couldn't access the interior and don't know if there was any plumbing in placeTurn it into an efficiency and make the whole property 3 unitsHVAC5 radiators x $200Window unitsWater heaters - rusted and brokenTank vs Tankless - $600-$3,000All of the interior doors on one side was missing. 

Its metal so they will rust out eventually.

it's a sacrificial metal rod that corrodes easier than the tank (by design), so that the tank itself remains rust free.so some tanks come with 5/8 OD diameter rods, others with 3/4 and I believe 1".I change them out every 4-5 years, they cost 10-20 bucks... 

Hi @Bryan Sinegal.

@Bryan Martin - You also need to find out if the units are metered separately or is it master metered and if the owner (potentially you in the future) responsible for any of the expenses as far as the utilities are concerned i.e. electric, gas, water, sewer and trash/dumpsterWith a quad also make sure to get all the expenses (that are applicable) for common area like lighting, sec sys, landscaping, snow removal etc.

@Bryan Devitt Available cash on hand is $0 would it be possible to find a private lender get a loan large enough to pay off the seller & rehab the property find a tenant & refinance it to 90% of its market value then cash out equity & pay loan back from private lender?

Thank you Shaun, Bryan, and Arlan for taking the time to reply.

Thanks Bryan Devitt