I'm maxed out DTI wise, so buying another property the traditional way (via a bank) will no longer be an option until my tax return reflects my income.

And then you are just then paying a traditional mortgage from there on out, right?

Interior and exterior fully updated, important items such as heating, roof, etc updated.

Usually the cost for this is higher and the mitigation value lower, but it is still something.3) Are the areas adjacent to the property very build able, and is it feasible to increase the other property's usability if they offset support items to this area? 

It is nice to have as a backup or to make cash purchases if the property is not able to qualify for traditional financing. 

At $2mil +, I'm guessing this is an MFR, so tenancy history and age of capex items and appliances (if not provided by tenants) would be great in terms of hard data.Best of luck in your meeting, hopefully you and your partner can make this deal a success!

At the same time, I'm not familiar with items like financing debt out of a multi million dollar property and I'd rather not taking on another $3M-$4M multi-family property as my next foray into real estate.

With the current market in Nashville, it's hard to find traditional rental properties with good cash flow, even in the suburbs. 

Then you could also choose to use on Traditional LLC as an operating company, to separate the liability of your operations (contractors, property management, etc.) from your assets.For which entity, whether Series LLC or C-Corp, will fit your portfolio best, you need to talk to your CPA.Some generalized comments on the topic, though.

I buy from both stores and generally get sale and clearance items, then use my military discount.