I was very luck to buy during the downturn, reno rent and retain.  

@David WillisYou can deduct all business expenses that are not specifically connected to this house.Non-deductible: labor and materials, permits, plans, utilities, property taxes, builder's risk insurance, etc.Deductible: LLC formation, driving, office expenses, marketing, education, cell phone use, etc.

A provision in a contract that prohibits you from seeking legal advice or retaining a lawyer is not enforceable.

The material is broken up into National and Sate material so it is clear and easy to identify.

Had two reputable 20+ yr companies bid ~$25k, with high risk for other damage occurring during the job (plumbing, brick, roof, etc.)I have seen price quotes range from $200-$600 per pier, depending on type, quality, etc.Turns out the original foundation quote came from a company only in the business for 3 years, giving lowball bids with supbar materials and little to no experience.I would suggest having a licensed engineer look at it and give his recommendation, the $400 it costs could save you thousands in the long run.

I would retain an 80% stake, and we would be tenants in common.

Through volume for discount materials and labor the cost per unit dropped to 11,000 a door.HML's are more into properties that are 50% occupied etc. that can be turned around but not totally vacant.

Low rates, immense labor shortage,  high materials cost, increased equity means fewer foreclosures, increased money supply...lots of tailwinds,  a few of these need to change for the market to gave a meaningful drop.

Doing that has helped me get and retain good tenants with zero problems. 

I am in the process of turning it over to a property manager, but I will still retain control of which leasing agents show the units.