During this renovation period would you, as the lender, want an Actual Cash Value or Replacement Cost policy in place?

That cost me about $1,000 each time. 

@Kerry Baird Love hearing about others taking advantage of cost segregation studies.

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

There is a narrative among real estate investors that they can go it alone and just need someone to do the paperwork when it comes to negotiating deals. Most deals I work, I find that the most inexperienced party in a...

Tax Savings with Cost Segregation: With a $2M property, cost segregation allows $316k depreciation in year one instead of $28k.

What should it cost?

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

It is also for that very reason that you should be wary about going in as I do feel that the Pittsburgh has gone pretty high up in it's property values. 

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price