If they are new, I am happy to walk them through the process step by step.

I have scheduled a site walk with the HOA President and contractor.

It's great to ask these questions in the forums to get a feel for things but it's not a substitute for getting "official" advice from an REI-savvy tax pro that you have hired.Regarding what to deduct versus what to capitalize (and depreciate over time), your tax pro can walk you through that for each line item.

Or do we walk (something we are seriously considering).

He prefers to walk over dollars to pick up pennies?

My advice is based on 40 years of walking houses and doing real estate.

Seller accepted my very low offer because the prior buyer walked away when the inspector informed him the septic was corroded.

The other tenant is not able to walk onto the property without the dog jumping on her and scratching her all up.  

With that being said, asking for advice and following the counsel of more seasoned individuals should not be overlooked.After walking the property with local well seasoned contractor, with plans in hand I had to swallow my pride and fixation on what I am hoping to accomplish and start with the basics.

From a liability position the previous owners get walk a way from a nuissance property and an uninsured property that could be inhabited by squatters.