To get a rough estimate of how much you can offset, you should use a depreciation calculator or consult with a tax advisor.

However, it is clear you have an unusual partnership agreement so it is best to consult a CPA.On the other hand, real estate is not a liquid asset. 

This is a great list, and one which really applies to many 'consultant' or 'professional' type services as you mentioned.

You're in a great position to start with a reliable lender and your own renovation company.

I agree with everyone else, it sounds like an attorney must be consulted a more than likely a suit will need to be filed.

If you can find a good, reliable, trustworthy building inspector they should be able to give you a good idea on most things in the building.

If you’re confident in these numbers, it could help mitigate the risk.Exit Strategy: Your plan to refinance after construction is solid, but keep an eye on where interest rates are heading and ensure the cash-out refinance will cover the HELOC without leaving you in a tight spot.It sounds like you're on the right track, but if you're still feeling uncertain, it might be worth consulting with a local real estate professional or financial advisor who can help you analyze the deal further.

He does quality work and is reliable.

However, the tax benefits of LLCs can vary, so it’s a good idea to consult with a US-based tax advisor.

Expect to put 30-40% down on the property and then consult a self-directed IRA specialist to make sure you understand all the nuances of how to manage the property and pay for repairs.