Oil is down so much and we are seeing 2014 gas prices.

My main concern with the property is an old heating oil tank in the basement.

This stands in direct opposition to a capital intensive industry such as manufacturing where employee and owner skill may be less important than the company's fixed asset profile.While S179 is a valid strategy in the attempt to drive a taxpayer's taxable income below the 'threshold amount' so the SSTB receives the un-phased out Sec 199A deduction, a SSTB may not have the investments in fixed assets necessary to drive them below the threshold during the year unless they're already very close to the threshold.Some other ideas for taxpayers owning a SSTB to lower their taxable income:Roll taxable bonds into tax-exempt bonds.Life insurance & annuities.Real estate (it's BP after all).Oil and gas investments.Charitable gifts (including CRTs).Gifts to taxpayers with lower taxable income (powerful option is to gift a percentage of the business to a trust).If a SSTB is well above the threshold, a compelling case could be made that the business should be a C Corp in the current tax environment. 

I'm currently in negotiations on a house that has an oil tank buried beneath the screen porch.

At least all the heloc's I have seen had this language.. does not mean you could not negotiate it out of the note.. but I would think that would be pretty tough to do as its buried in their boiler plate.this really came to roost for us in the GFC were I had large 5 million dollar plus Lines of Credit that were all on 1 year revolvers. which is standard for those types of facilities.. we used the money to buy foreclosures and flip them. 

We are also going to redo all the common areas and laundry facilities.

This will get him and his wife the funds needed for a senior care facility for a year.

I set up a transnational facility for a wholesaler there that got in major trouble .. someone from LA turned him in to the state and they saw his website saw he did not own them..

For example, some people who get rich from an IPO spend it on the expensive homes and cars they could only dream about before the IPO.When I worked as a contractor at the chip company Broadcom, the technical publications manager would tell us some zinger stories every time she visited us at its Northern California facilities.

For all you more experienced RE investors out there, we recently bought a farm which includes a personal residence for our family, several improvements including large buildings and storage facilities for the farm, and the farmland itself.