This house is a converted house to separate apts and the financials look horrible, but is there hope?

Unfortunately emotions often get in the way of these and any deals.

I am definitely the analytical type and it's difficult for me to establish an emotional connection.

You'll want each building broken out separately, then look at the finances of the land purchase for the rest of the property.There will be more work to do from there, but that at least presents some idea about the compexities of what you're considering.Find someone locally who can mentor you with this.I have a saying, also: Learn how to do real estate before you try to do real estate.

You'll want each building broken out separately, then look at the finances of the land purchase for the rest of the property.There will be more work to do from there, but that at least presents some idea about the compexities of what you're considering.Find someone locally who can mentor you with this.I have a saying, also: Learn how to do real estate before you try to do real estate.

It also means possibly setting up a separate credit card for the LLC if you use credit cards.  

However, the newest version of the CAR purchase contract (updated Nov 2014) now states "Buyer shall not assign all or any part of Buyer's interest in this agreement without first having obtained the separate written consent of Seller to a specified assignee."􀀜􀀗􀀘􀀆􀀆􀀑 What this means is - that in order to assign it - the Buyer, Seller and the Assignee must all complete and sign the new Assignment of Agreement Addendum (CAR form AOAA).􀀖􀀘􀀌􀀓􀀌􀀍􀀗 􀀥􀀞 􀀨􀀆􀀏􀀏􀀆􀀘􀀣 􀀟􀀋􀀣􀀉􀀣􀀇􀀣 􀀤􀀕􀀘􀀙 􀀉􀀪􀀉􀀉􀀢􀀣

Two tax years does indeed separate the purchase  (or in your case the placing into service) and sale of a property.  

I was able to convert to gas and separate the utilities for the duplex. 

Maybe that would be fair for your mistake since they are separate companies.