No tenant-made upgrades allowed, unless they're professional quality.

Imagine making millions of dollars throughout your career and then having to pay Uncle Sam 30-50% every year instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of the best ways to end up with a much larger net worth at the end of your career.

If you’re willing to do the work as well as a professional management team for the same price he can keep some money “in the family” by hiring you. 

I know they might be easy to borrow from, but you might want to look at more professional funding sources in the longer term.

I am here to learn, connect, and hopefully grow both personally and professionally.

If you think you might be in a similar situation, make sure to consult a professional.

I've seen a lot of face-value high earning professionals be lousy to their neighbors over time, so do not pick sides.

Another loss.I would actually explore the reverse mortgage or talk to an attorney/tax professional about you being a private lender and maybe structuring that way.

I use professional software to manage hundreds of properties.

It's typical and recommended one tax professional handles the entire filing.