You're giving up some good tax benefits since you're in the tier of taking itemized deductions.

This property needed an extreme amount of clean up and haul away of items left behind.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

It would cash flow nicely.One item to plan for from the beginning is the exit. 

I would only recommend purchasing items that fall into that vision. 

Basically almost all the items you mentioned when traveling can be written off to a certain extent.

When an owner replaces or retires certain items (e.g., lighting, HVAC, or carpeting), they can claim a deduction for the remaining undepreciated value of those items.

It’s ran like a business, not a personal investment.Given the heavy workload I have being the CEO/founder of the wealth management company, my wife has set up a well oiled machine on the property management side, due to her perfectionist drive however, it still means that she's constantly dealing with tenants and toilets and replying to items at all hours of the day and night.

They won't learn those items until they actually do deals.