You will have a mismatch between depreciation allowed from the federal & state level for the entire life of the property which can create some added administrative burden for some.Just in case there is confusion by the way, you are still allowed to take bonus depreciation under your federal return, just not for the state of Connecticut (among some others if others are reading.

In the future, if the only red flag is a house fire and hotel situation, you can always make a public records request on the former address at your police and/or public safety administration in your city/county.

Bottom line is it's a pain in the butt and in some areas you have to escrow money for those items (see the escrow column in attachment below).  

But since we put plans in place for maintenance reserves, we have those funds set aside and while still painful, at least it is not financially impossible for me to cover something like that.  

It's been a real pain not to be able to speak to an actual person when I am sending thousands of dollars at a time. 

Maybe you take tenants and management co all separate to small claims as the legal fees are going to be painful. 

Candidly your whole unintended consequences that actually negatively impact the people it was supposed to help is just about every single idea or policy that has come out of this administrator for 3 and a half years.

They are kind of a pain because they take so long and require so much documentation but the only closing cost I have is the appraisal.  

Side note: If any active investors in Jacksonville or FL in general are looking for a VA or Administrative support from someone who has some experience, I would love to chat with you! 

Note even without any contingencies you have a little room for negotiation as you can walk and lose ED but it is a pain for the seller.