The three most common ways to establish a different valuation are 1) a recent arm's length transaction, 2) report and testimony from an appraiser, and 3) owner's testimony as to the value.

@Rakan AbuzahraYou sound like a very hard working agent that would go extra lengths for his clients and partners.

For example, if you bought the house for $300,000, deduct the land value (we'll say 20%) = Structure value of $240,000 / 27.5 yrs (the IRS allowed length of depreciation on residential property) = $8,727 in depreciation write-off + your calculated rent income loss after all expenses (including travel back to Sunny California to check up on the place ;) ) = about $10,000 tax deduction.

We have all of our leases lined up so they end in June or July but we just had a tenant break her lease early and will be leaving at the end of January.We want to keep this property on a June / July lease end schedule...

It's not a super complicated thing - it might just look like it by the length of the clause.

Note: many laundromat owners just add more locations and run them under one LLC so it's hard to get the true numbers.Third: Lease length and options. 

My LLCs are to manage and hold risky assets and businesses, like rentals and property mgmt companies.I am told I must keep all these entities at arms length, e.g. any loans between FLP, LLCs and family members must be accompanied by a "FORMAL" loan application and promisory note (preferably notorized), meetings minutes documented with sent out by email to all members, seperate business banking accounts and so on. 

Also, you already have the actual Approval Letter, Arms Length Affidavits, etc. from All of the shorted lenders/lien holders?

When I looked around, it seems like residential properties can be financed at around 4.5% for 15 yr terms, but commercial is around 6.5% if not more (unsure of the length),so cash flow would be lower for commercial property, assuming rents and expenses would be more or less the same.

Here in Illinois, I think we could only pursue them for the amount of rent that the house sits vacant regardless of the length of the lease.So if they bail in month 5 of a 2 year lease and you rent it to a new tenant in month 7, you can only go after them for 2 months of unpaid rent - not the 17 mos that they failed to adhere to based on the 2 year lease.To me, multi year leases are just a way for you to get locked into a term.