It is for a ski condo which we closed on in October and have been renovating.

& different parts of the asset can be depreciated on different schedules.To find out the useful lifespan of each component, you do a cost segregation study to analyze all of the parts.The raw land can't be depreciated so you start by giving that a value first.But other items can be depreciated on a quicker timeline.A roof, road, sidewalk, fencing, walls, gates, doors, latches, flooring, air conditioners, pavers, curbing, landscaping, etc.The IRS has a depreciation schedule for each type.Some parts are 5 yrs.

After listening to him talk for close to 45 minutes, I finally said that if I have an extra $18,000 to $35,000 wouldn't I just invest that in my own property and get all of the rental income and if I sold the property 100% of the proceeds, not 50% of it. 

It is typically, raise the rent close to market rent, maybe $150 less, and if we turn the tenant over then we rehab the property and get full market rent.

The credit partner needs 20% ownership of the LLC and then we close in their name. 

One of my coaching students sent this deal over, and I helped him close it.

I'd like to connect with someone who knows the local market as this is where I would prefer the property to be at since it is close to me.

Window units, no central air.Rents are on par with the area but updated units are going for close about $1,200 for 1/1 and $1,350 for 2/1.

But it is not a closed option as there are a few that do not have these restrictions.As an alternative, you might want to look into house hacking or buying a single-family home instead.

Close and during closing you get the assignment fee which is the difference between what you got it for and sell the contract for.