It's a good idea to consult a lawyer and/or insurance company for professional advice on these specific matters.

Potentially fix and flips.

We have a potential deal in the works that has a business on the first floor and apartment upstairs. 

You ideally want a paper loss to minimize taxes and potentially even take it further and apply the loss against other income you have as Bill mentioned in the comment. 

So there really isn't a right or wrong path to take.And you'd also have to put yourself in the shoes of a potential acquiring company.  

Yes there are quite a few around 350k, with lesser rent potential

And this property has SERIOUS value-add potential.

For more trust, be sure these platforms feature reviews and testimonies.Plan meetings with prospective team members during your May travel to Houston to go over your objectives, expectations, and potential areas of collaboration.

I have a partner and he is more so"in charge" in looking a properties and i am mainly focused on taxes, potentially starting and LLC etc.

So when I'm researching a property, if the last deed date was before 2000 then I know I have the potential of equity.