Access to Cash Value: A properly structured permanent life insurance policy (like an IUL or whole life) can build cash value that you can borrow against for property acquisitions, renovations, or even as a safety net during market downturns. 2.

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

If I do sell years from now I would probably just 1031 the property. 

(FWIW,$8K on just the compressor seem excessive.)Otherwise, unless your contract with your GC says they will provide 24/7 surveillance, or you can prove the AC was never installed, you own the problem.If the property has been vacant for more than 30 days, most policies won't cover vandalism unless you have added a Builders Risk Addendum.

I have all 5 star reviews and am extremely detail oriented with my properties  To be frank I've been grinding for a long time, but not building wealth and legacy for my family.

Also, can any investors recommend a reputable property management firm? 

I'd say the biggest landmine to watch out for is our property taxes.

@Marc DeLeonibus Hey Marc, I did not end up purchasing the property.

There are also sites where you can grab free lists of off-market properties to get started with prospecting.I also saw you attended some classes and webinars and I hope they were free or the fee was nominal.

I am planning to offer an equity position to a friend in a property I am currently in the process of refinancing.