Remove all carpet, widow treatments and discard.

The medical center brings patients who need to stay close by for treatment or recovering. 

The sellers did the ozone treatment (industrial grade) and it was only temporary, as you say. 

And if you waive the late fee for a tenant and other tenants learn about it, they will start to demand the same treatment, even if their situation is far more egregious.I also recommend a one-time charge for late fees rather than a daily fee.

No, but many REIT dividend distributions are eligible for 199A treatment (20% deduction), or else you can put them in an IRA and DRIP them which is a great way to accumulate very large positions on a tax efficient basis. 

Brandon Sizemore The default tax treatment of a multi-member LLC is as a partnership.

If you create SMLLC to manage a property,  the SMLLC is a vendor of the rental business, not the partner, so there are no GP treatments. 

The correct treatment is to capitalize the cost and take abandon loss when the deal fell through.

Every state has very different laws for timelines, auctions, treatment of owners/tenants on residential vs commercial vs unimproved property.Don’t expect to dance up to the courthouse steps with cashier’s checks and just buy the nice house with the brown trim.

@Justin KnightenHire out the chemical treatment unless you’re fond of having folks complain about itchy naughty bits.