But we do have a track record of success in the area and a unit that is completely remodeled and modern.

I am not an attorney and I do not want to provide specific details in a public forum.

Thanks everyone for your details, very informative!

We make detailed P&L's for each property and then an LLC bucket with all relevant expenses. 

Guy was getting a hard money loan for property and construction (don't know the details of the loan) only that the bid was accepted in FEB and the lender totally dragged his feet until it finally closed in August. 

To protect both parties in your partnership on a BRRRR strategy, you’ll need a **Partnership Agreement** outlining contributions, roles, and profit-sharing, a **Rehabilitation Agreement** detailing rehab work, costs, and responsibilities, and a **Loan and Refinance Agreement** specifying the terms for repaying rehab costs post-refinance.

I can send a more detailed analysis if you DM me.

Of course, please consult with a tax professional for more details.

Thanks I was looking for more detailed "experiences" -- but, appreciate the feedback none-the-less!

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.