@Matthew Rembish, The bad news is that until 2018 he could have 1031d the land and building for other investment real estate and the FFE (furnishings fixtures, and equipment) for other business equipment. 

That is where he had his office and warehoused his equipment.

In addition you can not prevent outsiders from using the equipment.

Uh, it takes heavy Equipment, trucks, a license and permits to completely demo/remove a house.

By the time I load my tools in my truck, diagnose the problem, run for parts, etc it often takes 2-3 times as long as someone who is equipped for this work.I will try to handle turning units between renters because it's a good opportunity to engage my teenage kids and pay them $x/hr for painting, cleaning and maintenance and teach them something about hard work in the process.

At the risk of sounding elementary, I'm asking what I really need to now.I've come to believe that BP is THE place for REIs and no one else is better equipped to help us than us, so here goes:1.

New equipment/Office Supplies2) We bought 8 new Washer and Dryer 100% ownership.

The majority are not equipped to do much more than you can do on your own.I am also in the "pay your debt" camp.

She is best equipped cpa for this question.

All the equipment for the business is already set up in the basement and I will have an up and running operation.Possible PitfallsSince we are dealing directly, both of us have a different idea of the value of the property.