With Electric Boat being a main employer in the area, along with the Coast Guard and Navy Base, it makes it a great place to invest!

Come on down and help me clean out a house and see. 

Assets identified in this study include:Permanent Fixtures: windows, doors, bathroom fixturesStructural Components: Roof construction, drywall, wood framingBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

Buying an older home from the 1950s can definitely come with surprises, and the need to replace electric, plumbing, and drywall is a big job.

Or just clean up the loans to get them into a single loan?

The wholetail is a smart play, but you should be cleaning the place thoroughly and doing no repairs and then presenting an honest proforma with rents and expenses estimated so investors have a PDF to look through.

We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.The building is in Illinois. 

Also just keep in mind characteristics of the property that carriers wish to avoid such as roofs 10+ years old, old/recalled electrical panels, no impact windows etc. 

Given, I'm a nice person and a clean roommate (LOL) but they don't know that.

I tried to estimate 20% higher on repair costs since i do not have a wealth of experience estimating yet, there is some minor water damage, and some heating and electrical that needs to be replaced, which is where most of the expense came from.