Oh yeah, they have been discussed here a LOT.  Use

The next guy shows up in a used Ford van with rust that looks like it is worth $7K.

Its funny when a hyunai is made in AL, but a Ford is made in Canada.

Can you imagine buying materials about how to start a car lot, how to sell cars, even roll back speedometers or put heavy grease in a transmission to make it quieter to sell it, but not know the difference between a Ford, Chevy or a Dodge?

   ( title fees, legal fees for prep the contract, recording fees, transfer taxes, title insurance, back taxes paid and others) All the improvements to the property will be added to the basis. ( unless you qualify for de minimus safe harbor of 2500) All the repairs done before placing the property in service is added to the basis.

As for de-conversion of Condominiums to Apartments.  

However, the improvements to these building systems that are under the $2500 are eligible for de minimus2) Expenditure to the building and Structural component (excluding building systems that are subdivided into building systems) are more likely to be an repair because the UOP is bigger and expenditure might not be betterment and restoration.

I didn't think the UoP mattered for de minimis and was only examined after no exception to capitalization is met.

If networth > $1M, then $2M umbrella policy and LLC.I like simple - 21 SFHs, one checking account, 1 LLC, 1 spreadsheet, 1 Cozy account, 1 mobile phone, 1 old Ford Ranger, 1 wife.

P.S. 26 SFHs, 1 LLC, 1 business checking account, 1 spreadsheet, 1 old Ford Ranger, Zillow, apartments.com, 1 cell phone with 30+ #s on speed dial.