The deal sounded good at the beginning but thought it included his fee and it didn't so he's tacking on his 20% on every bill. 

In my firm, you would probably pay around $3,500 for this tax preparation, including Form 3115.

Correct2. 100 hours could work if it's more than anyone else spent on the property including non-owners3.

In total, including money lost from rent, legal fees, and repairs, the situation cost almost $30k.

Part of considering acquiring a property should include additional possibilities.

Both units rented at $1500/mo with all utilities included.

Do this quickly because some counties have a time limit on when you can appeal.I recommend you research the market for:- Comparable Property Sales- Condition of your property, including anything that may affect your property's value- If you are really serious, an expert appraisal may be worth the effort.

Future enhancements include the planned Silver Line rail alignment with nearby stops, as well as potential commuter bus services, pedestrian paths, and bike lanes.The development benefits from proactive rezoning by the city, transitioning the land from industrial to mixed-use urban development.

This also includes any potential benefits for tax losses, no matter where they are sourced to.Given the property is in MO, it would also be subject to income tax reporting in that state, unless there are any exceptions to having a filing requirement there (I don't know MO rules off the top of my head).  

While this can maximize leverage and ROI, challenges include getting lender approval for seller financing, high carrying costs, and the pressure of short-term loans.