Turbotax isn't going to educate you so unless you'd like to educate yourself and potentially make some costly pitfalls, then I'd outsource.

.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

I get it...I get emotional with properties and buy into the sunk cost fallacy too.

Depending on how big your portfolio is it might be more or less expensive for you.

In a great and popular location with rising rents and upside on price with renovations but also that will cost in the short term to improve the property. 

Never invest in any city on this list of the 50 most dangerous US cities.Low operating costs: High operating costs are one of the driving factors for many companies, leaving states with high taxes, regulations, and other costs.

Here's an article with FAQs including the cost of a study.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

Depending on how much time you have before needing to dissolve the partnership, the partnership can sell all the properties and complete 1031 exchanges to defer the capital gains tax. 

If I had the business headquartered at some commercial or industrial space, I could deduct the entire cost of the space.