A couple of weeks ago, I came across an awesome off-market deal on a hundred-year-old house a few weeks ago and thought all I had to do was renovate it and I would have myself a nice little home to live in long term.

A turnkey provider usually buys the property, renovates it, sells it to you, and then manages it for you.

With this they don't have to mess with the renovation headache.  

Your income is Sales priceLess Purchase PriceLess Costs to sell propertyLess renovations/repairs/holding costs.You mentioned having partners. 

There are also bonus rates for larger investments.

I plan to purchase a distressed property amd do the renovations with my heloc.

With new units I will save water and remove the larger older tanks.Installing Power Flush by Glacier Bay from Home Depot at $139 each, They have less chance of getting clogged.

It's amazing to see old properties get renovated into something beautiful again - It's one of my favorite things about being a Chicago general contractor!

My question is can I purchase this property, renovate the top two units and just leave the basement as is?

If a cost segregation study is done in early 2025 can it still be applied to our 2024 taxes to utilize the larger bonus depreciation?