I would love to know your experience because buying at that price in Memphis in that area with such a small amount of work done has caused issues for others in the past. 

Heaven forbid a lapse in occupancy causing you to go upside down on a deal. 

I'd assume that it's just that it's such an old house, it's a bit drafty and it shifts in the wind and that's what causes the phenomena, but who knows?

I have a CPA I work with who I’m sure will sort all of it out, just didn’t want to do something if it would cause a huge tax headache later.Do you know if you convert a STR to a LTR after a cost seg, will it cause a large repayment of taxes (I’m doing the cost segs to lower my W2 tax rate).

If I was looking to get started in this sector I would start reaching out to city council members and find who I need to connect with and ask them the best way to get this mission accomplished and they likely will tell you more than you were expecting.Best of luck and what a great cause!

The 2008 recession and economic crisis caused many millionaire investors to lose everything in 2008.

I have seen many tax returns where the local taxes were filed incorrectly in the past (or not at all) which caused undue penalties/interest for the taxpayer.

Getting less every month is still generally more cost effective than dealing with a tenant that stops paying or causes damages to the property.However, if you do decide to change your selection criteria and you are worried about fair housing, the main thing is documentation.

More so just heard that if you transfer title into LLC it can “uncap” the property and cause a new tax assessment the following year and raise your future tax expense.

If the cracks are big enough to create a tripping hazard or the floor is so uneven it could cause someone to fall, then I would want that fixed.If it's safe, then I want to ensure it is functional.