Quote from @Erol Shashaty: Hi Trevor,Thank you very much for your detailed explanation.

I would think I should be mentioned with contact details for tenant to know who the property manager is, but I also wonder what if the landlord decides to remove me as property manager and appoint someone else?

I know a lot of people do this from a distance but it's putting a lot of trust in someone to manage the details and makes me nervous.

So, we require a detailed employment history for the last two years and verify as much of it as reasonably possible.AssetsWe are one of the few management companies that requires a bank statement as part of our application process.

It's been a while so the details are fuzzy in my mind. 

I spent considerable time pulling comps and estimating fair market value, but given the unique features of this property, it was challenging to reach a confident valuation.

While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.

I would appreciate any knowledge share, or tips and advice on where to gather information to properly estimate for such a project. 

Let me know if you want to talk in details about more strategies to utilize your equity and congrats on this property!

RPA-CON 2024 is the largest real estate investor event in Wisconsin, details under Events here on BP.