This is extremely helpful for the tax savings benefits but also because many of the assets used in a restaurant business need to be replaced much sooner than 27.5 years.Some of the major benefits of Cost Segregation are:Reduction in real estate taxesReduction in casualty and property insurance premiumsFor previously misclassified assets, you will now have the opportunity to claim any “catch up” depreciationBy accelerating depreciation, you increase your cash flowHaving additional cash allows you to invest that money back into your business, invest in other opportunities or pay down your mortgageHere’s a list of personal property that could qualify for accelerated depreciation:Drive-throughCanopies and awningsFlooringPoint of sale systemsDecorative millworkKitchen equipment hook-upsDoorsEquipment installationHVACWiringBeverage equipmentFood storage and preparation equipmentFloor coveringsSignage site improvementsInterior light fixturesFire protection equipmentThese studies should be conducted with your cost segregation specialist, CPA and financial advisor.

If you are looking to protect your cash and you believe that inflation will CONTINUE to rise.

I believe you can create an LLC here in Illinois.Also, you probably don't need an LLC period unless you have a large number of assets to protect. 

BUT you probably should renew the lease and enter into an agreement with the tenants for protection. 

It's a great idea if they're educated on the pros/cons and know how to protect themselves.

Just to keep you from running down the wrong trail here.Environmental engineers do some tangentially related work to wetlands, but primarily focus on waste management, water management, soils/erosion management, public health (water/sewers), and environmental protections.

Contingencies at one time were used just to protect buyers from conditions that were not easily seen at contract signing.

For those that might holler about liability protection:  we have kept them leveraged with cash-outs, have a substantial umbrella policy in place, and very simply we just make sure we keep the properties maintained and are good operators with happy residents.We are now transitioning into a more commercial space and plan to roll out that LLC structure.  

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

Just make sure you're protected on the legal side if things do go as planned.