I also would like to reduce the audit risk due to large bonus depreciation. 

What is the difference between the Taxable Value and the SEV value? 

Private funding from a relative may provide flexible terms and reduced financial risk, but formal agreements are necessary, and interest paid is deductible for you but taxable for them.Traditional investment property loans offer stability and tax benefits like deductible interest and property taxes but require larger down payments.

Transferring a property title later could be deemed a taxable gift if it exceeds the annual exclusion ($17,000 for 2024).

We’ve started talking about the potential for collaboration, particularly to reduce construction costs by building simultaneously.

To avoid reducing your lifetime exemption, you could gift equity incrementally, but this requires proper legal structuring (e.g., fractional ownership transfers).

Most 401ks give you 30 or 60 days to pay back a 401k loan or they count it as a withdraw and that is a taxable event. 

This allows for deferral of capital gains taxes until December 31, 2026, with potential reductions in the taxable amount if held long-term.

Any excess proceeds not applied to the investment portion may be taxable as "boot."

If I were to reduce or take out the vacancy, the 2 would cashflow.