Here's the key components to calculate your tax liabilityAdjusted cost basis - Is the purchase price, plus capital improvements, minus depreciation.

And how can we align our approach to meet those expectations and improve our chances of securing financing?  

Subsidizing "investors" has been 1 of many components that have to a stagflationary-esqe economic environment.

However, I’m open to exploring opportunities in other cities or markets if the numbers make sense and align with my investment goals.If you know of any deals or markets worth considering or maybe even a deal lines up, I would love to know of it!

Unfortunately, this kind of issue seems to happen more often than we’d like, especially with properties that have been operating in a way that doesn’t align with official records.I agree with others that working with a local architect and zoning expert is a great first step to determine if legalizing the property as a triplex is feasible.

It's hard enough to find 1 good property manager you align with, let alone 1 per state.

Early on, rents would remain market-aligned to ensure the portfolio generates the income needed to cover expenses, pay investors, and reinvest in expansion.

To identify a proficient real estate CPA, investors should prioritize professionals with a proven track record in handling real estate portfolios, transactions, and tax planning.Look for CPAs who stay abreast of evolving tax codes related to real estate and possess a comprehensive understanding of deductions, credits, and depreciation strategies unique to the industry.When considering a CPA or tax professional, it's crucial to find someone who aligns with your financial goals and understands the complexities of real estate transactions.

Quote from @Anthony Miller: Thank you @Wale Lawal, this is in complete alignment with my thinking! 

I think that the team and moderators will all be aligned with this philosophically.