You should receive a comprehensive written report that outlines the methodology utilized in the appraisal along with the analysis and final determination of the land value.While an appraisal report is the preferred method for determining land value, it is not required in order to perform a cost segregation study.

Perhaps you are eager to move on from this property (emotionally) given the history, but given the facts you have outlined-- it seems like a fortuitous asset to stand by :)Hope this helpful and good luck!

The lot is steep and we had an architectural engineer outline how the cost to remove boulders and build up high (where there would be a better view) would be quite substantial but building lower by the road was more feasible.

A simple web search for piercing the corporate veil will outline the Do’s and Don’t’s as it pertains to operating a LLC with this in mind. 

This is a snippet from an article written by Onera Group.Short-Term Rental Analysis in Okaloosa Island, FloridaThe base of our short-term rental analysis is outlined below:First, we will identify areas in Okaloosa Island that consistently experience high demand for short-term rentals year-round.Next, we will narrow our analysis down to a specific subarea, considering factors like occupancy rates, average stay, daily rates, and annual bookings, among others.Then, we will identify the precise characteristics of top-performing listings in this subarea, including property type, number of bedrooms, bathrooms, key amenities that drive demand, among others.Next, we will reveal how top-performing hosts in this area adjust their daily rates throughout the year, capitalizing on the seasonal trends in the short-term rental market.Finally, we will conduct a financial case study to determine the expected net annual return of a listing available in the for-sale market within that specific area in Okaloosa Island.Analyzing High-Demand Locations for Short-Term Rentals in Okaloosa Island, FloridaThe first stage of our analysis involves finding areas with high demand for vacation rentals on Okaloosa island.

@Madeline Mercer you outlined a nightmare scenario for operating a residential income property.

Your question outlines the two extremes of cash flow vs appreciation. 

I didn't think it was appropriate to outline my entire circumstance in my initial question thus I tried to form my question as concisely as possible. 

Is it outlined how many contractors they will get bids from before selecting one?   

Hi Megan,You can structure an LLC with an operating agreement and outline the share of ownership of the company.