@Luke Farrar sounds like but and hold should be first and maybe you should add flips later.There is a lot less that can go wrong, generally, with a nice safe B class buy and hold that is close to turn key or needs a light value add.

This is a C-class property.

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.

We live in a B class suburban neighborhood in the Midwest and are under contract to purchase a property in a nearby C+ neighborhood (closing in less than 48 hours.)

If it's in a C/B class neighborhood that's trending the right direction that would further justify it's a solid deal.

We target properties B and C class areas that are “in the path of progress” next to highly desirable towns, in dense areas.

Communities get mad at STR due to the stigma but 30 day rentals are mostly working class right?

I intend to escalate to the small multifam asset class as soon as it's feasible, and this brings me to my issue.Current Situation: It's been almost 1.5 years in my primary and I'm sitting on ~155k in equity as of today.

That's a mute point when the CPA is given cooked books.

Who will have to change out the equipment assets you currently have to match the intended new menu.Also, if the area is not Class-A it will be hard to draw upscale business customers, even though the building is so beautiful--matching the intended customer to the neighborhood class might be some good "Food for thought".It sure is nice looking building.Good Luck!