At any rate, I saw someone trying to explain how the @... works yesterday and I tried, but I really couldn't figure it out.

They also, last minute, changed an 8 bed Fourplex to a 6 bed.

What was the one book that changed your mindset and made you believe you could do this? 

Be grateful for the screaming deal you had, adapt to change.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

But, there is no coaching or mentorship fee, simply analyzing every property simultaneously and ranking by cap rate. 

What is the interest rate on your student debt? 

The reason is, you must continue the interest clock on each year's taxes to up to the present, at whatever the interest rate was at the time of the auction.

I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

This is most of the depreciation you are taking year one.You can calculate your depreciation recapture by taking the sale price of the asset and subtracting the adjusted cost basis.The adjusted cost basis is what you paid for the asset plus any improvements you made along the way minus the depreciation you took along the way.The profit above this original cost is taxed as a capital gain, but the part linked to depreciation is taxed at a maximum rate of 25% under the unrecaptured gains of section 1250.To recap the tax rates are:- Sec. 1250 real property: 25%- Sec. 1245 property and 15 year 1250 property: Ordinary Tax RatesThere are ways to minimize depreciation recapture especially if you know how to work smart with your CPA.1) Asset Valuation at Time of Sale - Sellers can minimize recapture by reallocating the price of the assets on sale.