One key component is making sure there is language that outlines how the purchase price is reduced if a payment is received BEFORE the closing.

The IRS will consider extensive repairs as components of an improvement project.In my opinion, filling in the pool is a major landscaping improvement not a repair

If you need major tax deductions to offset other income talk to your CPA about component or cost segregation depreciation.

One of them carefully looks through and tinkers with every component.

The operating agreement and most importantly understanding how to operate your business consistent with the agreement terms and as a good operator are the more critical components.

It applies to certain components only, such as carpets, appliance, fences etc.4.

It's available for certain components of any kind of properties.

The nice thing about rehab is you should have a good list of the components. 

They are often classified as operating expenses or maintenance expenses rather than capital improvements (assets).Washer/Dryer/Stove/Refrigerator: These are assets as they are considered durable goods that will benefit the property over an extended period.New Baseboards/Trim, Doors: These are generally considered assets because they enhance the property's value and are not typically replaced frequently.Furnace/AC: These are significant components of the property and are categorized as assets due to their long-term benefit.Paint, Light Fixtures: These can be a bit nuanced.

The final 1031x regulations clarify that nearly all building components identified as five and seven-year property through a cost segregation study are, in fact, real property under Sec. 1031.