In the residential world, some requirements are relaxed comparing to commercial so it's up to you whether you want to spend the money to have a better planning versus skip the planning and perform the work impromptu.

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Let me help you with your pressing real estate tax questions.

The way I look at it, it's a great time to hustle and find deals while others have pressed the pause button.  

The units don't appreciate like normal real estate and resale can be difficult, and you will be hard pressed to make money renting out the unit.

IB has the water/sewer issue but it keeps getting more press/exposure.  

If you were to use that as a downpayment to then take out more debt, you'll be hard pressed to find a deal that cash flows. 

Now you are hard pressed to find anyone decent and none of them has significant systems in place to provide reports and consistent services.

That said, I think we will be hard-pressed to find the everyday Real Estate Investors doing this strategy due to the niche nature of it. 

Even when pressed for customized tax planning advice, he could or would not deliver.