I think the price they paid is not really material here because at the end of the day, they own the asset now and will be looking to maximize profit and limit holding time.  

The 1st would be to build credit by utilizing 2-10% (sweet spot) of available credit on your cards for a few to several months (to maximize your score) but two months before you apply for a mortgage pay all debt to $0.The 2nd larger issue is the student loan and the 1st step would be to get copies of your tax returns ready and fill out the paperwork to get on the lowest payment plan i.e.

But he and his accountant can work together in the negotiations to maximize the allocation to land/building and minimize the remainder.

Would be great to find accountant familiar with real estate and how can maximize business set-up as well as tax benefits for real estate investing. 

Read my latest blog: "MAXIMIZING MARKETING FUNNELS FOR REAL ESTATE INVESTORS..."

This is a business and you need to maximize the return on your investment.

I know if I speak with an attorney they are just going to recommend something that maximizes their fees.

Each of these two operation is tax free, therefore maximizing your gains.From personal experience, I have used all the approaches described in Option 2. above to fast track my base capital for investments.

I am going to start a significant remodel of my house in Santa Monica and wanted to maximize all possible rebates, grants or energy rebates that are available for new roofs, windows, appliances, insulation, landscaping..ect.I have a basic list (local municipality and appliance rebates) but didn't know if there was anything that I was missing or didn't know about...possibly other agencies?

This option maximizes the potential as it is income based, but rates/loans are more likely to be 5/10 arms or the like.