To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

@Joe Michaels, What a lot of investors will do is to use the 1031 exchange as @Michael Plaks said, isto actually "acquire" additional depreciable basis. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

Your background as an electrician and experience in general contracting and project management will be incredibly valuable in the real estate world.

Hey @Robert Ok BiggerPockets has played a valuable role in my own real estate journey over the past 8 years.

I believe local investors, agents, lenders, property managers, and contractors all have valuable insights, especially for someone brand new to Real Estate like my self.

@brian dance Thank you so much for your valuable suggestions. 

To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

Figured there would be a few data points left out of the equation' that I would need to circle back with :) .There are additional units not rented at this time which could be rented to increase the income.

It could give you peace of mind as you focus on your family and move to your new home, without the additional stress of managing a second property from afar.Best of luck with your decision!