We haven’t modified rent and the tenants were placed using a state program to make them financially responsible, which has worked out minus the claims of home invasion. 

I've also used and modified a HELOC calculator spreadsheet from Vertex 42 that is quite useful in gauging this strategy with your situation.

These are spaces that go for around $1,000/mth modified gross and not as nice as your property, but still a nice small office building.

Once you choose your depreciation schedule, you cannot modify it mid stream, you are on that path until you either sell the property or deplete the depreciation life of that component. 

Also, there was a state law passed in FL handcuffing jurisdictions from regulating minimum rental periodshttps://www.avalara.com/mylodg...They did allow jurisdictions with existing rules to keep them but they cannot modify or add to them. 

@James Wise  I have no business interest in Cleveland but I am going to go there just for those :)on the subject the OP sent me the JV agreementand its a modified HML deal with a pref return to the HML that is placed on the property then they take 50% of the deal after paying hardmoney rates..

Some of those downtown buildings are more difficult to modify than you think.

I still don't have funds from one of the refis even though they have the signed closing paperwork and loan and they're threatening to call the other mortgage if I don't modify. 

A hidden expense that is impacted by capital gains is Medicare payments, if you are close to 65 or older consider the below:The monthly amount you pay for Medicare Part B and D is based on your Modified Adjusted Gross Income (MAGI) from 2 years prior.

The company who actually fixed the HVAC charged $268 but the "Preferred Vendor" middleman modified that invoice to include 6lbs of freon (not on the HVAC sub's invoice) and charged me $700.Latchel probably works fine if you force them to only use your vetted contractors, but I have zero respect for Latchel's "Preferred Vendors".