While this structure offers great asset protection benefits, it doesn’t necessarily save money on filing fees or administrative costs.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

Way better returns on the cost seg than you'd ever cash flow from an LTR. 

I decided to buy the property from my grandfather using a gift of equity, which allowed me to take over ownership without having to come up with the full down payment and pay for the tax lien and his closing costs.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

Aloha Joshua,  I deal with clouded/messy titles often and it's not my first choice as its froth with a lot of time, costs and risks. 

Even if they don't realize how much money you're costing them now, someone will tell them eventually and I don't think your canned wholesaling response is going to do much to repair the damage. 

The process from start to finish would take four months and cost ~200k to build, with comps in the area around 355k-lender man said, refinancing would take six months as most lenders wont refinance a property unless its been built for six months, affecting the strategy to get paid out from refinancing quicker and closing out on construction loan-The property would not appraise at comps value, but at the cost it took to build, affecting getting paid out from the refinance.

@Ben Syzek with $50k, you're probably looking at a property with a total cost (purchase price + reno) around $250k.

The market between the 2 locations & resident class (Especially if you plan to self mange or find a PM company), Your future goals and the costs associated with moving and transferring to a new hospital.