We had a contractor (who does a lot of foundation work) look at it and told us it can be fixed by reinforcing with steel I-beams and quoted us at about 5k to do it.

I would say that @Dustin Beam is exactly right.

So you might want to read on these articles/threads:How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesSecond, @Dustin Beam and @Thomas S. and are correct in the strict sense of your question - no tax advantage.

I'd need a little more research on process, but makes sense to me to jack up one beam at a time, maybe 1/4", and then pull out bad piers one at a time, replace with new ones.

I drove by it all the time.Houses in older neighborhoods, where the building was mostly pier & beam are pretty safe.  

When you look at the laser templating that they do now to ensure the shape of every nook and cranny of the wall it abuts is cut into the counter and the way they deliver and install without any risk of damage or installation issues to you, it would take a huge savings to make me consider going DYI on such a major selling point of a home.

One whole side of the building he has rebuilt one whole end of the building and made sure it was supported with new beams.

Older homes used to be pier and beam but now everything is slab on grade because it is cheaper.

The center support beam in the basement is twisted on one side.

@Aaron MooreYeah I was looking into the anchors or steal I beams.