Anything imported is really expensive. 

Based on my experience, it’s often not worth the time and expense because appeals frequently lead to no change in the tax assessment.

Easier to predict expenses - typically no major repairs unless from association3.

If you’ve considered a cost seg study in the past but they were too expensive, times have changed and the fees have gone down significantly.

In that case I write off the lost rent as cost of doing business, but I prefer that to the expense and hassle of an eviction, which typically ends up costing us more and takes longer, even though Milwaukee is still pretty landlord-friendly.I have also done cash for keys, but typically very conditional. 

From that point forward, you can expense repairs and maintenance without capitalization. 

If you didn't receive any income but you had legitimate business expenses, you should still file a Schedule C to deduct those expenses. 

A 6% DST for 4.5 mil would give you net cash after all expenses of $22,500 which is a big jump from where you are right now.I'm moving to a hybrid of 4 and 2 myself. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Make sure you have a lot of ducks and all fo them in a row. 5 year estimates on revenue and expenses, full business plan, licenses etc etc all in place before you go in.