We improved it over the 5 yrs we were there, and when we PCSd we sold that. 

I would like to allocate as much as possible to the farmland improvements in order to claim depreciation and as little as possible to the personal residence and farmland.

I figure that's partly due to the recent drainage infrastructure improvements made in that area. 

Your friend could then work on improving his credit profile so he would qualify for traditional financing.2.

Over-improved yard; Too low on rent amount (initially concerned with getting renters in, neglected cash-on-cash return) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Assuming you could qualify for an investment mortgage now (maybe a big asdumption) or that you could find a seller finance deal, buying cash flowing rental real estate will actually improve your debt to income ratio and net worth.

Holding costs get deducted....improvements get added to basis.

You have to find another source-either a distressed property, something you can improve and up the value to another level, or perhaps develop relationships with brokers and wholesalers who will bring a deal to you because they know you as someone who has the ability to close.

Hoping to find out from the community if my numbers are off, how can I improve where I get the numbers to refine my number crunching process in the future. 

If the converted property is later sold at a gain, the basis in the converted property is the original cost plus amounts paid for capital improvements, less any depreciation taken.