@Michael DeakinDepending on how much you paid out for the property in total a cost seg may make sense.The agricultural structures have a much more favorable depreciation schedule and tax treatment than a traditional commercial building. 

@Jose Ortega Focus on doing any outside work (roof, siding, landscaping), plumbing work, and HVAC work first and see where you are at after that is done in terms of tenants moving out, etc.Will the major cap ex items being repaired put you in a spot where you will get the appraisal you need to execute the BRRRR?

Traditional portfolio loan How did you add value to the deal?

I refinanced to a 15-year mortgage (no bank was willing to write the traditional 30-year mortgage) and got rid of the balloon payment.

Your friend could then work on improving his credit profile so he would qualify for traditional financing.2.

If you relocate and now reside in a new area that is outside of a reasonable commuting distance from the current home.Additionally if you plan on getting a second FHA loan, the lender must evaluate your circumstances to determine the circumstances behind the need for a second FHA loan to determine if it is legitimate or not, items include... length of time the previous property was owned by the borrower, and  circumstances that compel the borrower to purchase another residence with an FHA-insured mortgageThen there is also a big disclaimer at the bottom which reads:Important: Under no circumstances may investors use the exceptions described in the table above to circumvent FHA’s ban on loans to private investors and acquire rental properties through purportedly purchasing “principal residences.”

I also religiously research items especially bigger ticket items before purchasing this way I'm 100% certain I am maximizing value for the dollars spent.As far as sacrifices?

And assuming the big ticket items like roof/windows/siding/etc,. are done.

@Horace Lewis First off you are missing expense items; garbage, insurance, lawn and snow, water and sewer.

Things will certainly go wrong but you'll be better off having those three items taken care of.