I was blown away by the amount of never responded to emails and communications When you purchased the property did you keep the property manager in place?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Unless you recast your mortgage (talk to your loan officer about this potential option) your payment will not go down for the life of the loan, even if you owe an incredibly small amount. 

For us we all typically use 0% business credit cards to furnish the property which can amount to $40-$60k+ depending on how crazy you go. 

@Jonathan Greene I don't mind them generally but when they raise huge amounts for syndications that go south that is another story.

Sure you could hit a grand slam , once or twice in your life , but constant base hits bring in the same amount of runs on a steady basis 

With that information, your accountant can determine the amount of bonus depreciation your property is eligible for in relation to the new improvements.

The buyer comp agreement has to be a specific dollar amount or percentage. 

You might even be able to get out from under the built up tax liability.With your asset amount, maybe its possible to sell out / 1031 to a REIT, and still cash out leaving behind the tax liability. 

Welcome to the community and be ready for a huge amount of information at your finger tips.