If you had not shared your post, as an owner, I would not be aware of the issues you are experiencing. 

The building next to yours looks much nicer and has THREE security vehicles parked in front.

Hey @Brett Sheeran and welcome to the community!

Norfolk is where the majority of multifamily inventory is located, Virginia beach is zoned much more single family. 

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

The liquidity or funds for the purchase can be in your new entity or your personal bank acct.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

Hi @Kenneth Alan Flugrad, come and network this month at our next meetup, you might meet others that could be valuable in your flipping endeavors.https://www.biggerpockets.com/forums/521/topics/1229391-sout...

I’ll be splitting the rent 50/50.

I have spent the last few years working in the Pre-Fab ADU space and now working with a company called Live Near Friends and help people buy real estate with the purpose of living closer to the people they care about.