Shiloh, the poster above, seems to find investors and I don’t think he has to offer a discount (most people trying to partner on a property are probably finding properties that are selling for close to retail and then they seek partners with whom to purchase the property and therefore don’t even have a chance at offering a discount since they don’t already own the property as I do).

They stopped paying the lender and wanted to work something out with the lender but the time is running out (ie the management company did not do any significant improvement during the forbearance period) One of the LP just emailed me and said we need to raise 65k to enlist help from this company.

I kind of didn't want to mention that on the listing so that it wouldn't turn people away before they even had a chance to see it in person.  

An easy flip at 7-10% return might be more lucrative than a larger project that takes longer and more chances for cost over runs. 

Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

Owner needs cash for some improvements, but if he refis interest rate is 11%.  

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.

Starting with a small multifamily property is a fantastic idea—it gives you a chance to live in one unit while renting out the others, which can help offset your mortgage and build equity faster.