I am not going to proceed with the purchase as the sellers wouldn’t offer any consideration for the repair. 

My low loan to value (56%LTV) and considerable value add will keep any sell of any properties at good profit.   

Hello BP Community - My husband and I are giving serious consideration to paying the $8K fee and taking the 3 Month Open Spaces Portfolio Program offered by Palak and Niti Shah.

This formalizes your ownership.Other Considerations: Capital Gains Tax: Remember, when you sell the property, you’ll need to pay capital gains tax on the profit.

versus a new property with it's income/debt load.Other considerations might be if that property you own is at a great risk for capital expense that can create a real urgency to sell and 1031 before the capital expense hits.

Since these costs have already been incurred years ago, do I still take them into consideration?

If there is a lot of upside in the deal, and cashflow is still positive I think that's worthy of consideration.

@Aaron Dominy   Building supply chains have eased considerably in the past 2 months, thus the time-frame to build in Galveston has shortened.

This years higher than normal W-2 income coupled with the idea of being able to save a few bucks on tax has me giving more serious consideration to this idea. 

They are good tenants and you should continue treating them with the respect and consideration of nice neighbor.