In my example of a $1m building, the taxpayer recognizes $1m of gain, much of that ordinary, and then maybe gets a $100k depreciation adjustment on the outside....so they are getting nailed with $900k of mostly ordinary income.

:)”@Curt SmithYou hit the nail on the head.  

I think I'll look for eQRP sample plan docs & feedback (for those interested in sharing, I will preserve your privacy). 

Hi Nail, I might be able to help you since I've been investing in the area for many years now so feel free to send me a direct message.

I will most definitely purchase a cost segregation study to nail down what I can depreciate at an accelerated rate.  

(Carpet vs LVP etc).REOs are like nailing jello to a wall.

I like land locked areas and urban markets as do most firms. look at where banks buy buildings. mostly 20 story buildings in downtown markets for a reason. asset protection and preservation so we try to do it as close as possible. there are lenders in columbus that do 100% hard money financing for renovation loans that based on experience make concessions to experience operators. we are vertically integrated though for design, build, entitlement, leasing, and brokerage so there isn't much missing. licensed general contractor. 

One guy left his nail gun in the alley and it walked off, but I've seen that happen in A-B neighborhoods too.

I think @Shawn McCormick hit the nail on the head.

@Jason Park hit the nail on the head in terms of "it depends on your goals".