If your place is uninhabitable, tenants can end the lease or withhold rent until it’s livable, but I like to keep things friendly by offering a temporary rent reduction or helping them find a short-term solution.

Others who focus on CoC (I focus on IRR and EMx) will probably comment as well, but most "good" CoC returns are in the 6%-10% range.Out of curiosity, did you buy the property for $75k and is the ARV $130k? 

If they are not happy, they can leave at the end of the lease.  

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

I’ve always wanted to renovate my investment properties, but it’s so hard to pull the trigger.

Aha it seems like every time I sell one of mine its the time.

Until I had my own I just used the state long term lease agreement.

Any transfers should be made through the owner of the LLC and not another LLCSo you make a capital contribution or capital withdrawal.

You can win most tax appeals when your taxes are just out of whack for comparable properties so if you can find examples of similar properties with lower taxes, that is the only way you will win.

What made you interested in investing in this type of deal?