Your write-offs can include: acquisition tax (when you purchased), any commissions paid and any enhancements you made to the property (assuming you kept your facturas).  

Ultimately, for your peace of mind, you have to trust that the GP has just as much at stake, considering their position as a key principal or loan guarantor, as well as the potential damage to their reputation.

Just be thankful you didn't have commercial property in a place where peaceful people were allowed to blow off some steam and to be heard where somehow your building got burned without whatever special insurance covers riots at a place where the police won't go. 

Am I crazy for holding out for lotto winning nuns and peace corp trust fund doctors as tenants? 

I'd rather sleep at night  peacefully knowing that the saga is over with a problem tenant than live in fear of him causing nuisance. 

There have been a couple of exceptions, for tenants who were super clean, had a great sense of design, and were easy people in general - in those cases, they actually enhanced the experience because the place was decorated so beautifully.

I spoke with a realtor I trust, we both did research, and came up empty in our search.The seller has been getting more anxious by the day as the process has dragged on, he is not in dire need of the cash, but I think does have some obligations coming up that are making him eager to close.I have several options including:- Getting the second appraisal, hoping for a better valuation- Putting $145k down on a lender valuation of $260k and enjoying enhanced cashflow/watching a chunk of cash sit- Renegotiating the seller down to a better price- Walking awayThere are a bunch of questions swirling around this opportunity, but my qualms are centered around putting that much capital (option 2) into an investment that is not very liquid, and doesn't have a clean, clear path to appreciation.

Peace of mind.

In my opinion you SHOULD do "this" part-time.It will make financing deals A LOT easier and it will give you peace of mind knowing you're not hunting down deals to just pay the bills when you're still brand new So maybe you're asking if it's possible to be good investor while committing to a day job.. the answer is absolutely, yes

Sellers usually agree to it easily, and it gives us a years semi-peace of mind.