Basically, I was lied to but of course this all happened over a phone call. 

Hi all, interested is how this is going.

This is an important consideration in most LL decisions, LTR or STR.

But you'd have to be quite involved initially, especially to get access to better SBA lending. 

@John Steffen, any chance you still have this list?

There are pluses and minuses to this.

When I was investing, this is what I did to help locate the right wholesaler - I would supply them VERY specific details of what WORKS for me in the way of a property.

& different parts of the asset can be depreciated on different schedules.To find out the useful lifespan of each component, you do a cost segregation study to analyze all of the parts.The raw land can't be depreciated so you start by giving that a value first.But other items can be depreciated on a quicker timeline.A roof, road, sidewalk, fencing, walls, gates, doors, latches, flooring, air conditioners, pavers, curbing, landscaping, etc.The IRS has a depreciation schedule for each type.Some parts are 5 yrs.

Since your friend covers utilities, this offsets some of your cost.

This will save you on subscription costs.If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.Best of luck!