The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

Average 2-4 family property values are up nearly 6% year over year. 

How did you add value to the deal?

Before the purchase, I got an appraisal that valued the property at $130,000 as-is.

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

If you only put 40k into a renovation and your assessment value went up 365k, there is a glitch or it had not been reassessed in several years.

Conventional How did you add value to the deal?

Is this pocket a value oriented area (most sq ft per dollar of rent) or will they care more about proximity to highways, retail, walkability?  

Learned the value of a good PM for sure.

A general range tends to be 65% to 75% of value.