You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

Commercial properties are not evaluated by "comps" (well not exactly) they are evaluated on cash flow.

Hi @Aaron Raffaelli, you've gotten good advice here as well as some good options.

Tile done, trim done, final painting happening as well. 

Also Minoan has so many companies to choose from which makes it confusing if you don't know the suppliers well.

I am not a BP pro right at the moment and I'm not able to see the older calculations as well.

Have a great foundation repair company in your contacts list as well as a great structural engineer.Some flippers thrive on these properties as without repair they can be difficult to finance with financing an owner/occupant would use. 

Hi Rebekah, I own in South Milwaukee as well.

It's crucial that this allocation is reasonable and well-documented to withstand IRS scrutiny.

I ask if they are US citizens or green card holders, and I ask for past addresses for the past 5 years as well as any other names they used in the past (maiden name, nickname, etc).