This property needed an extreme amount of clean up and haul away of items left behind.

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?

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

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. 

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

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 

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. 

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

More importantly the amount of communication and follow up necessary on site.

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