I would protect myself and cut my losses so I was not looking over my shoulder or getting high blood pressure every time I heard a knock on the door (hoping it is not the FBI showing up to ask you some questions). 

Start simple or go all in on a multifamily if you have the capital to support potential losses.

What happens if you lose on it, you now have an additional liability, not just a loss of money.Are you planning on keeping the current property or exchanging it (1031) into something else?

As firefighters persist in battling the blazes, many residents are left assessing their financial and emotional losses.

Just too much upfront loss of principal.

No amount of insurance covers the personal loss.2.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

This type of tone and condensing answer is unnecessary.

Just seems like unnecessary work.