The property company they use was also very thorough in the way they handled the property.

Are you primarily looking for cash-flowing properties, distressed deals, or value-add opportunities?

Hi,I have been looking at some of the resources for inspecting properties and estimating costs on this site, and the ones I have seen are detailed spreadsheets and multi-page checklists.

Long story short, I have no primary home and the property the guesthouse is being built on is a LLC with 3 years remaining of 20k PPP.

I will be the one actively managing the property and doing most of the research, and my brother will act as more of an investor.

Hi Arthur, every property is unique.

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house. 

I'm defaulting on a property and am wanting to sign the property back.

If you also have W2 income, then Section 179 income limitation on Schedule C should not matter.Also, whether you take $1k of depreciation or $19k of depreciation, after adding it back you have the exact same income for underwriting purposes, so I'm not sure why you're concerned about a reduced amount of depreciationI don't have a W2-I do receive alimony, and have three rental properties and this business.  

I think Indy is a great diversity of communities and properties, so anything you would like should be here.