Sole manager for these (small, < 2.5M in investor funds max) syndications has been convinced by his CPA that the only IRS-compliant method for determining ownership is by conversion to tax K-1 capital accounts. 

The work took one week to paint the whole interior except living room and hall way, fix some concrete on the porch, landscape, and a ton of miscellaneous items inside the house.

One key piece of a cost segregation study is identifying the land value of your property as it helps you be compliant with the IRS and maximize your deductions and tax benefits.When you purchase a property, the purchase price includes the value of the land, buildings and the components.

Totally agree on:1) the info you learn in RE classes and continuing ed; its entirely meant to keep you compliant, no education.2) commission can end up being smaller than you think.

Things such as: Move your AC condenser to the side of the house instead of the rear, Fix your garage concrete slab, your garage party door is 7ft wide when it could only be 6ft.

I’ve been researching for days and these posts seem to be the only ones with concrete recommendations.  

I will bet I can send you some great deal, but you won't have the ability to know they are deals because you don't have the experience to do the math.The biggest problem both new and experienced investors have is nobody watches our backs because everyone has their own agenda and the greed more money.What you need is to do is; rather than banging your head against a concrete wall, post the properties you are looking at, write as much detail about each property as you can including rehab costs, rental income, how much you can increase rents and then let people give you their opinions and advice.Here is a serious problem with people who own their own business and then we wonder why some people are successful and why some are not. 

Some concrete areas around the building need to  be fixed.

Sometimes the former owner will trash the house (pull all electrical wires out of the walls, pour concrete down the sinks and tubs, break the porcelain, make big holes in the walls, break all of the windows and that's on a good day.

To be compliant with SB1482, you will need to negotiate with the tenant to remove the storage unit from the lease.