@Tyler Ferguson It will be a little easier for your taxes and finances if you create a separate account for all of the property's income and expenses including the personal and rental part.

A lower "purchase price" presumably would help both of us from a tax standpoint, but hurts me on depreciation?

Hey everyone,Anyone have any recommendations for great real estate-focused accountants to help me with my taxes? 

My current plan is to schedule a basement specialist to come out and give a quote/inspection.

@Anthony Warlick at 1.25M at 8%, assuming 75% LTV your payment would be 6879 without taxes and insurance (since that wasn't listed here).

FHA loan with monthly payment including taxes about 7800. the other side would get up to 3200.

Once you've shortlisted potential properties, research local zoning regulations and schedule physical viewings to confirm modification potential and overall condition, considering bringing along a contractor for a preliminary assessment of conversion feasibility.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

A lot of my investors are just buying A-class for the tax benefit and breaking even. 

Get an attorney familiar w/ working these issues. is there some schedule somewhere where I can look up when the property is actually scheduled to be demoed?