What life phase are you in?

@Cody M.I would add a Phase I Environmental Site Assessment as a contingency to any offers on properties more susceptible to environmental issues (dry cleaners, gas stations, auto repair garages, etc.)

My priorities are cash flow and tax benefits, and I’m looking at purchasing a 2/2 that fits up to 10 and is along a body of water.

I recently learned that if you owner occupy a residence for part of the 5 previous years before sale, and you rent it for the remaining time, you can calculate the percentage of time the property was owner-occupied (and thus qualifies for the sec. 121 primary sales tax exemption of up to $250k for single filers) vs the time it was being rented (which qualifies for 1031 exchange) and claim both benefits. https://hcsequity.com/blog/combining-1031-exchange-with-121-....How does this work for a multi-family?

I’m particularly interested in off-market opportunities and would appreciate working with someone who knows the area well.The purchase will be under my name, but I’d love to take advantage of any benefits tied to my daughter’s first-time buyer status, especially considering her limited credit and assets.

@Alexander F PollockYou may lose a tax benefit of a stepped up basis for capital gains purposes transerring interest away from her parents.Also consider conducting a judgment searches on all parties to the transaction to confirm there will be no title problems for would come up when the LLC sells in the future because you will not have title insurance to cover prior owner issues.

Quote from @Spencer Dixon: I'm familiar with concept and benefits of bonus depreciation but I'm not sure where the current law stands and the bill that was floating around congress.

That's one of the benefits w/ Carrot is we can help you cut that learning curve and make it easier and faster for you. 

Besides the  depreciation,  tax  benefits that I would get if  I was renting to him are there there any advantages on co-owning instead of  me renting to him?

Of course, I didn't go with any of these GCs but I also have the benefit of waiting and not being on anyone's timeline or deadline.