I am curious to hear if anyone here has any creative strategies for acquiring the property and/or suggestions for decreasing tax implications. 

Why would you decrease rent? 

@Trent ChanceIf you are involved in real estate and trying to claim real estate professional status - you likely want to work with a professional who can guide you.There is extensive record keeping requirements when claiming real estate professional status.People would be surprised what hours count and what hours don't count.Regarding your tax situation - you may be able to decrease your taxable income by 100% of whatever the real estate losses are(would be helped through a cost seg).The tax savings depend on what federal and state tax rates you are in now.

According to Nadia Evangelou, NAR’s senior economist and director of forecasting, a decrease in rates could mean a significant drop in the cost of mortgage payments for potential buyers.

Means after you get it you can decrease the expenses by splitting the bill.

This option is great if the primary reason for installing the laundry center is to offer tenants amenities that will, in theory, decrease your vacancies.

I have found with most real estate investments; the risk decreases, the longer you own them.

However, with the way the economy is I'm afraid the lesser booking rate can significantly decrease in a bad economy.

I'd also think of items that will decrease your cost over time if the strategy is to hold for a long period.

What you'll learn very quickly, is that (1) most properties are horrible deals (2) which numbers need to be increased/decreased to make it a good deal & (3) you'll have the confidence to jump on a good deal when you see it.