I am using a split transaction to itemize the expenses/proceeds to total the selling price, correct?

you'll have to figure out what's important to you (what types of properties, price point, how to finance (salary/traditional?)

@Samir Shahani, I agree with your reasoning, but generally places that rent for more do have nicer finishes and would require more expensive items (countertops, flooring, grade of carpet, etc).

The two common choices for doing so are the self-directed IRA and the Solo 401k.The Solo 401k requires self-employment activity, but will allow you to take participant loans while the IRA does not.A few other Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)With either structure, it's generally recommended that you do not commingle retirement and non-retirement assets.

That's why removal of affected items and deep cleaning of all surfaces is the first step and most critical.

I looked at a duplex in Denver a few weeks ago that had structural issues and even though it had been on and off the market for 6 months and they had come off original asking price considerably, it still did not make sense unless you could get it 20% under current ask or unless you had a GC that was a whizz at foundation repair.Consider looking at non-traditional MF, i.e.

The options might be a cash or traditional financing offer 15-20% below market value or full asking price, but your terms (which may include seller financing with discounted or delayed initial payments, etc.).  

Hi,   Does anyone have a recommendation for a multifamily General Contractor who can provide a quote on capex items for a 107 unit apartment complex in Pensacola, FL?

A refinance will allow you to know exactly how much money you'll be getting for the mortgage (traditional mortgage may have a lender decide the property you want to buy is not worth it and they will not give you as much as you had been preapproved for), and it gives you a much stronger offer in a sellers market.Being able to make an offer subject free can usually beat out any other offer with subjects and can also give you leverage in negotiations during a hot market.

Long term wealth comes from items #2 and #3: appreciation and mortage pay down.