Or of any alternative strategies to make this work?

Or with alternative options?

We have had two homes broken into and materials stolen recently.

A deed is given and accepted as an alternative to ("in lieu of") foreclosure.

For BRRRR investors: Are you rethinking cash-out refi strategies or exploring alternative rent models to make deals work?

Alternatively if they all love the deal, that's also likely a good sign.You can get a dog of a property in a crap neighborhood that will yield a 13.6% gross cap (not saying yours is), but that certainly doesn't tell the whole financial picture of how the asset will perform.

My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

Each has their own tax implications.There are some alternative methods of calculating how much of the distribution and therefore the interest expense falls under this category, but the bottom line is that it is very important to keep track of. 

We had challenges getting the tenants to vacate, we had material supply delays during the pandemic, and I was juggling several other projects at the same time.

Or alternatively any of the following that would have a similar outcome.