That advice, that the old rules of valuation no longer apply, is usually followed up with vigor.

They say if you find a deal the $ will follow.

So if you are purchasing a house with land, you typically would try to allocate more of the price to the house, as you don't take depreciation on land.If your goal is maximum taxable writeoffs and you have a number of other properties, you may want to look into cost segregation (but it won't be worth it if you only have this property).Keep in mind that when you sell the property, you'll have to pay tax on the depreciation (usually a 25% rate).Be sure to chat with a CPA about allocating the purchase price in a sale, as you need to follow one of the multiple acceptable ways to allocate.Also, depending on how the rest of your portfolio looks and your timetable for holding, being less aggressive in allocating the purchase to high depreciation items may work out better. 

In addition to the checklist, I would also request the following:1) background/credit check, similar to tenant screening (need advise on application to use)2) pre approval letter from bank used for refinancing3) referral from current lender and past lenders (not sure if this is typical?)

They will without hesitation move in their expectant daughter soon to be followed by the dead beat X-con boyfriend.

You have to follow some rules on the operation under the LLC. 

Whatever the case, personally I'd follow through with the deal, considering the price point you're at. 

Not sure I follow your question...

Every jurisdiction while following perhaps the same basic laws works a little differently. 

Your focus should be the following:1.