This is not very practical, so probably you will have to pay personally and then do a monthly transfer from LLC to personal account, matching 1/3 of the payment.In the same token, how to expense the closing cost, appraisal, points, ...?

Does the owner of record match the name of one of the guys?

Some of the best properties I've ever bought match the description of the place you mentioned.

Your real life returns will more closely match your on paper returns in better areas.

Can we slow down the depreciation in the first 5 yrs to match closer to the cash flow deliver to optimize annual taxes on the this deal while reducing the recapture that will occur if sold within 5yrs?

Two homes on one property is a "two unit property," not treated differently than a duplex.Correct, not a model match for super beat up real estate. 

But I don't think it is very retro to match the cabinets.

You can contribute each year to match your earnings up to the limit( depends on account type and IRS limits for the year) at brokerage or bank IRA and invest in investments you feel comfortable with like stocks, bonds, mutual funds and cd's. 

Take a look at the comps on the appraisal and do they closely match the home you want to purchase.

I'm currently stuck in limbo with a tax lien on the property and the IRS being shut down, so I'm shopping around to see if any one else could match the rate I've already locked in.