BP and Rich Dad podcasts have been vocal about this niche. If you found the ideal property for this type of niche, what would be your first step in seeking out a business operator who would rent the property from you ...

Hello,I am looking at a mixed use property on Long Island (first floor retail plus 4 residential above) and would like to know when the most appropriate time is to ask for things like audited financial statements, tenant ledgers and/or anything I else I should be asking for? 

With that said, there is a de minimis election that allows you to expense any capital expenditures under $2,500 ($5,000 if your business has audited financials). 

What is financial independence to you? 

With the way things are going now, first question I would ask is are you providing audited financial statements and who is your auditor.

Bring up to code is in quotes because they will likely let you grandfather some of the work in--depends on the officer/town.Edit: Note I have no experience with California real estate, just how I have approached buildings with unpermitted work in upstate New York. 

I'm particularly interested in strategies that could help me achieve financial independence as soon as possible.

I have been working with a wholesale brokerage here in Houston and I am an independent contractor for them and I Dispo all of their deals.

What documentation will I need to provide to the IRS in the event there are any audits? 

It was very outdated so we are giving it a facelift and will be looking for a way to rent it out.We’ve considered retreats, STR, independent living, section 8, etc. what other options are out there that we aren’t thinking of?