There is around 500k equity in the property. 150k-200k would get the property fully rented at top dollar with desirable tenants. 100k would get it to where I can rent all the units back out at fair reasonable market rents.

Hopefully someone with tax accounting knowledge can jump in here with more detailed analysis, but I looked at this a bit several years ago...1) You still have to pay the depreciation recapture on the sale decreasing the net benefit of this approach due to the large tax payment in the 'sale' year2) The LLC would need to not be a passthrough entity so that it can be taxed separately from you, so you have to add another tax return cost for the years going ahead3) Taxing it separately from you likely means corporate status and corp. taxation rates which are higher than yours and I've heard many times over the years to avoid titling real property as a corp...Overall from what I've seen this only makes sense in a select few scenarios, which for most people aren't in play. 

I would never buy commercial at such a cap rate unless I was doing a 1031. 

You can go into contract on your purchase at any time - even before your sale closes. 

Also, knowing Decatur’s rental laws and zoning inside out is crucial, as some areas have restrictions on multi-family properties.It’s also a good idea to walk the neighborhoods at different times of the day.

DSCR won't work for us because given the rent roll we would only be able to be at 65% LTV, and we are looking to be at 70%-75%.

We will be moving but I like to owner finance what is left on the mortgage at a higher interest rate because I do not need to pay it off to qualify for our next home. 

I had to redo a bathroom last year in a 2/1 in an occupied duplex I own and I spent $6,004 in labor and materials (10% off at HD/Lowes as a veteran, just didn’t do flooring and left the old vanity, doesn’t include the damage the leak did in the lower unit). 

I look at cash flow, purchase price and prospects of appreciation.

And the other way, if you’ve worked with someone who you absolutely would not use, please share as well so i can avoid them at all cost :).