The current list price is at Jan 2020appraisal, before major bathroom update.

One of the main reasons we are interested in doing an STR is the tax benefits- we paid over $340k in taxes last year with essentially no write offs.

New flooring, new drywall, redone bathrooms,  Old rents were <1k (legacy tenants who moved out pre-purchase) which was known to be below market. 

These laws essentially state that if you sell a controlling interest (the % is defined in the law) in a business that owns real estate then the transfer taxes are still due... and collectible once discovered.So see how this plays out.

Essentially, one of us has the seed money the other has all the tools and contacts to rehab, repair, etc.

Hopefully you can get away with some older plumbing and only replace it with PEX in renovated areas, sinks, bathrooms, etc. 

A CPA should confirm this, but my understanding is if it was closed and vacant, and not 'in service' at the time of purchase, it was essentially acquired for the land value.

I was lucky enough to have a family member sponsor this purchase essentially.

This is a bathroom faucet?

TOTALLY RENOVATED, NEW FLOORS, CERAMIC, NEW BATHROOM, NEW KITCHEN AND CABINETS.