Maybe I'm confused and don't understand the mechanics here, but let's say I do a CSS on a 10Mil property (with, let's say, a rather good these days 5% cap rate...which will produce 500K in NOI annually) which gives me 2Mil depreciation in the first year...I will offset 500K, and I will have to bank the remainder 1.5Mil for the following year(s). 

we have also found that people have removed or replaced old mechanical floor vents (18"x24"), which ends up with a soft spot because there are no floor joists there.  

If no repairs are needed, how are the mechanicals? 

Can I use a 1031 exchange mechanism to buy mobil homes to fully populate my mobile home park in Virginia?  

I have never used it before and the amount wasn't very much so maybe that streamlined things.We had a previous guest in 2018 that managed to break the locking mechanism on a window.

The roof may be old or new, same with the mechanicals, kitchens, etc.  

Exceptions are made for bankruptcy, IRS liens, and mechanic liens.It's protection is so good that corporate raider Paul Bilzerian, sued for millions, $62 million by the government, moved to Florida and paid $65 million for an estate totally shielded by the homestead.

Our business partners want to make some improvements to the house with the 7 yr tenants in it - it does need carpet, some minor mechanical improvements, etc pretty badly but they want to use money from the checking account to pay for it - the house is within 3 years of being paid off and has more than enough equity to cover it. 

But on occasion you may see a mechanics lien (Again applicable in Texas) where a contractor didn't get paid for work done on the property.

Hey Kaylan,Stick to the neighborhoods where your middle class Americans live (teachers, mechanics, mailmen, etc) These are the best areas to drive for dollars since most of your end-buyers prefer to flip these homes.Also, look into pulling the Code Violations list from your county - they are essentially driving for dollars for you.Best of luck