I'd try to fill at least a few spots to get some income coming in, and then do a rolling conversion to MTR as you have the cash to outfit a unit with everything an MTR needs.

Keep in mind, though, if you just sell outright, you could be looking at capital gains and depreciation recapture, so it’s worth crunching the numbers with a proper tax professional (I’m not one, by the way).What do you think the rest of the community has seen happen to property values since last year, and do you believe it changes the 1031 conversation?

I kept trying to steer the conversation back to the fact that he hadn't paid me rent for 4 months.   

I am impressed this conversation is still going.  

Sorry for derailing the book conversation but I think this topic is pretty interesting especially with the way the market is changing. 

Again, this is a conversation to have with your accountant to ensure the benefits would outweigh the costs.Another misconception is that there is little value in a cost seg study for properties that do not have a lot of personal property in them or very little interior build out, such as industrial warehouses.

there is a reason so few flippers do ground up or garage conversion ADU additions.  

Ok, now, conversely with real estate, that is simply not possible. '08' was the biggest hit to real estate in our life times, of EVERYONE alive at the time of it, right.

They bought real buidings - shopping centers, hotels for condo conversion, etc. 

I've been doing this for years.After a particularly nice conversation with someone, make notes on the back of their business card and when you get home, email that it was nice to meet them.