And it is very inexpensive to use. 

It offered a solid return without tying up my capital for too long.At the end of the day, it boils down to what you're comfortable with.

Without any major renovations, we strategically sold the property the same day for $20,000.

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

correction, i meant to say 135, not 145.

Original plan was to fix up, rent, get some tax savings, and refi.

If you have not already before you get into the weeds on a plan you would want to talk to your city buildings dept to make sure you can even subdivide the property to add more units. 

Check with their renter insurance (we require them to have this) to see if they will cover. 

I'm looking to reduce the sound between two levels of a townhome, as I rent them separately, but they were built with standard drywall on the ceiling.

Photos to come What made you interested in investing in this type of deal?