I realizing the duplex conversion strategy is more complex I probably wouldn't try it on my first property, just want to get a sense of what's possible in the Chattanooga market :) Thanks!

This sounds complex, and if the conclusion you're coming to is mortgage fraud, I would not recommend it. 

Complex Filings: Businesses with more complex structures may choose to prepare and wait for further developments.What’s at Stake?

I was recently sent details about a 20-unit apartment complex that I’m interested in, but the seller's asking price doesn’t align with the numbers I’ve run.

But sure as heck not impossible, it just takes a commitment to learning a very complex detailed facet of business and regulations. 

The recent earthquakes destroyed many multi-family complexes and will continue doing so.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

I appreciate the condo board’s efforts as a unit in a predominantly o/o complex is worth more to other o/o buyers, but it has to limit my buyers.  

I'm considering using hard money lenders or DSCR loans, but it seems like DSCR would be a bit complex.

Quote from @Jarret Jarvis: Hi Anca,It sounds like your parents are in an exciting but complex situation—kudos to you for helping them navigate it!