I notify them the lead is no good, No refund! 

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.

The actual cost to them is little to nothing.

I have no desire to learn that space or be a rental car service.

Depreciation reduces the cost basis of your property, and has it's own, 25% depreciation recapture tax rate when you sell. 

Usually, there is no taxable event if the LLC owners are the same as the current property owner.

I don't see any way that this would be the case as there are no amendments or term changes at all from the initial lease to the renewed one. 

Typically I would account for the cost to turn a unit into the expense line items.

Then I'd be using borrowed money to pay down debt I could not afford with no cashflow from a rental. 

It does you no good to crawl under the house...are you a Foundation Contr?