For bookkeeping purposes for our clients, we usually do an 80 (building) / 20 (land) split until we have the correct figures from the county records (it takes some time for those to post sometimes).

NO title insurance  NO going through escrow or a lawyer all my deals myself and staff we did the closings and prepped all the necessary docs to transfer title and took the deeds to the county and recorded them ourselves, sent courier to the Trustee service or Lawyer office with the cashiers check to pay the loan off or bring it current. . . 

The way I do it is go to the property records for the county online find the owner's info and then Google search their phone number.

Make sure to thoroughly review the reports, including eviction history and criminal records, to protect your investment.

Make sure you choose one with experience and a strong track record.

I believe I still have his contact information in my records.

I have looked on propstream to find some multifamilies in my area and plan on going to the courthouse to get eviction records.

IMO a bigger red flag would be poor record keeping on expenses and other documentation that would indicate property condition.Anyway, you're ultimately purchasing the income stream that *you* can achieve, not what the seller achieved.

If you think this is too much to handle by yourself, you'll still be better off spending your money on a digital marketing agency with a proven record, or a content strategist.

The cost basis includes:Purchase Price: The amount you paid for the property.Renovation Costs: Add the cost of improvements and remodels that significantly enhance the property's value.Closing Costs: Certain closing costs related to acquiring the property (like title fees) can be added to the basis.You will then allocate the total cost basis between the land (which isn't depreciable) and the building (which is depreciable over 27.5 years for residential properties).If you're unsure about how to allocate between land and building, you can use the allocation percentage from your property tax records or get an appraisal.This post does not create a CPA-Client relationship.