When looking to structure a deal like this, look for a dated property in working condition. 

Today, companies with many structures use the word turnkey to describe their services. 

If you actually need to do permits on everything or just structural fixes and big items (I.e. roof, siding, windows, etc.).

For structuring your business, consider whether you actually need an LLC or if umbrella insurance might be a simpler alternative.

I would appreciate any advice on anything I may be missing with putting this together or should neogotiate before finanlizing.Negotiated so far:Property: 9 Unit - 7 Apartments + 2 Commercial Garages (4 unit apt building + 3 unit apt building w/ commercial garage attached + standalone commercial garage on same lot)Background/Why owner is selling: A seasoned builder of 50 years, the owner purchased the property in the 1970s for around $8,000.00, later developing three apartments and two commercial structures.

None of the walls I'm shifting around are structural so no issue there but from a leasable / liability stand point what are your thoughts?

Meaning you can add another unit to your existing structure and 2 more units on the new subdivided lot.

I'm still in the process of finding an alternative solution but I thought I'd leave this here as a warning for others looking to make a decision.For reference, I'll just post their email response to me here:As we review your inquiry, we would like to remind you of the following key points from our Terms of Use:In no instance shall ShinePay be liable for any of the following:"Lost revenue from service interruptions.Lost revenue stemming from delays, malfunctions of any product.unauthorized gains access to your account or due to shared passwords or if your password is hacked.Destruction to properly, places, or personal injury resulting from the installation, misinstalling, or misuse of any product.Lost revenue from entering the wrong account number for ACH or other bank transfer or money transfers or due to any delay in receiving funds.Damage to your structure, machines or car resulting from use or installation of our products.Any funds collected that are paid to a person that does not own the property.Any harm from defeating the lock and technology that controls the lock to a device.Failure to properly service any product or machine."

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

Bossier partner managed property and repairs while we managed business structure and banking account setup.