Once that has been done I'd like to purchase a property walking distance from myself so I can keep an eye on the property and because I don't have a car.

We arranged movers for both his belongings and the seller’s, ensuring a smooth transition for all involved.Once he was out, we completed the final walk-through with our cash buyers, who were eager to close.

Hey @Jeff Ryan - While I can not speak to your exact situation, I can speak to the thousands of homes I have walked here in Chicago, where majority of the homes were built in the late 1800s/early 1900s.I would say that 7/10 of the older homes I look at have some sort of settlement in the foundation, which causes the cracks and sloped floors you are mentioned you are seeing in your property. 

It's great to ask these questions in the forums to get a feel for things but it's not a substitute for getting "official" advice from an REI-savvy tax pro that you have hired.Regarding what to deduct versus what to capitalize (and depreciate over time), your tax pro can walk you through that for each line item.

You can build in sound proofing, but honestly I'd go with 2-3 floors for each so you don't have the tenant downstairs complaining about the one upstairs walking around at night.For costs-it could be more or less than new retail-depends on finishes of each. 

If they are new, I am happy to walk them through the process step by step.

My advice is based on 40 years of walking houses and doing real estate.

He prefers to walk over dollars to pick up pennies?

I have scheduled a site walk with the HOA President and contractor.

With that being said, asking for advice and following the counsel of more seasoned individuals should not be overlooked.After walking the property with local well seasoned contractor, with plans in hand I had to swallow my pride and fixation on what I am hoping to accomplish and start with the basics.