Extension agents are tremendous resources.The assessor can help you with your tax questions.A tractor dealer can help with the equipment appraisal issues.Where is this property located?

(Idk if this is the correct place for this question(do we do a llc or partnership to start the business and get our ein)) and is there start up business loans that we could qualify for with our credit and projected income to buy equipment and other business supplies ?

Determine the usable life expectancy of all major systems/equipment.  

Didn't read all of it.Business brokerage is only the business.When you have a building you own and the business the value is different than buying just a business with the lease structure and rent increases.The appraiser will value it as if a lender had to take the property back the bank is NOT going to manage it themselves.A small percentage of buyers might but not a majority.So the bank underwriting the loan is going to plan for the most probable set of circumstances and be on the safe side with their assessments.If you want to do some owner finance with money down to replace your income with a cash out at a later date that might be possible.Many deals are happening that way.Lending standards on businesses have tightened up leading to owner finance and this is also with real estate property as well.Not many want to put down the cash or meet the requirements the banks are dishing out.So I hear your arguments but the people lending the money for the buyer will not care.If you want higher money go owner finance (within reason) but if you want it all now expect a much lower price.With businesses it comes down to how old the equipment is,is the business seasonal (the owner is showing strong books for half the current year and then sales plummet),is the lease fixing to rise,are the streets fixing to be reconfigured to reduce traffic flow,is nearby new businesses reducing returns,etc.

Had a guy come out and this is his quote “Remove old equipment and replace with 2 ton heil straight AC outdoor unit 2 ton heil indoor case coil.

It depends on what type of equipment and land improvements it has, so it could vary quite a bit.As for not having to declare that equity as taxable - you may want to investigate that further.

The part that really bothered me the most was the high end furniture and the plasma tv on the wall, and all the high end stereo equipment.

Im sure it was done to save on installation and equipment costs

I have never done it before, but after watching a few hours of youtube videos, I feel like I could do it, and all the rental equipment would probably be 500-1000 for the whole project.

I started a waste and recycling equipment repair company and have been traveling the country maintaining shredding equipment.