I agree with Chris, why get a third party involved. 

Keep an eye on local developments that could boost property values.4.

From there, talk to the involved parties.  

But from what I’ve seen the general price level of notes for sale is way too high for the risk involved.  

The location and access to amenities make it a super desirable area so you need to keep an eye on inventory and competition.

I have my eye on a 4 plex I'd like to buy, renovate, rent, and hold.

Many factors involved: 1.

Lots of variables involved and depends on your personal situation of course.  

. :)Keep an eye out OK? 

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.