While doing it on your own is good, I think you might be missing out on many opportunities to save or restructure your business and how you collect income.

Pay off the 700k bridge loan and you collect 125k of your 150k back so you'd leave 25k in.

You get the write off for the repairs and still collect 100% of the rent so there’s no question down the road about gat happened to the missing rent.

Third, I'd like to know what data I need to collect in order to write this off on taxes.

As consideration for the loan we are providing and to secure your obligations under this Agreement, you hereby grant to us a security interest in the following property (collectively “Collateral”):all consideration received from the collection, sale or other disposition of the Collateralized Goods, including any payment received from any insurer arising from any loss, damage or destruction of any Collateralized Goods and any other payment received as a result of possessing any Collateralized Goods, or any other proceeds of Collateralized Goods."

Would one - most senior tenant - be responsible to take care of the utilities, collecting payment from other tenants? 

I have a Series LLC I use to collect income for my consulting business, but the income goes to my personal checking account.

currently fully rented and waiting to collect!

If you would have simply held on and collected rent for 72 months, you would have been up money...and that is buying at the peak right before the biggest real estate bubble in modern history.

@Anthony Roberts per our knowledge, Toledo has a lot of Class C properties/tenants.So, most of your applicants/tenants will have FICO scores under 620, many even under 560.For this Class of properties/tenants, we only look at the background check for violence-related convictions, evictions and utility collections (can they get utilities in their name?).