as a "donation" (translating to the benefit of taking a deduction for 2025).

This tax base benefit goes away at your father’s death.

There is probably much to gain from that. 

Central Kentucky, in particular, has benefited from Lexington's growth, with many people commuting from outside the city for work.

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

However, I'm drawn to the long-term benefits of multifamily properties.

Investing close to home allows you to gain hands-on experience, learn the ropes, and be more involved in the day-to-day.

At a high LTV your leverage will be magnified.If your cash flow really is break even (I have my doubts) then with the magnification resulting from leverage, you could produce a fairly good return (ROI from leveraged appreciation, equity pay down, tax benefits).Good luck

It’s better to start small and gain experience than to get stuck overanalyzing.Keep the questions coming!

Would either of you be willing to explain cost segregation and benefits of using it as an agent?