Lastly, don't forget to get estoppels when you close, that is the tenant signing off on the current rental amount / funds you have escrowed. 

The house is a simple two bed one bath with a garage and a fenced in backyard.

Any one close these?

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

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.

& 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.

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.