@Andrew SwaimConduct a thorough walkthrough of the entire property, inspecting every room, including closets, basements, attics, and exterior areas. 

All money, home inspection, deposit, down, closing funds etc must come from IRA.

I see new homes going up everywhere, and my god the apartment buildings going up.

It's in a city (outside the USA in Mexico) that has seen major growth the last 3-5 years and has great prospects to continue growing thanks to nearshoring and high cost of living across the border in the USA.I spoke to an architect and it looks like a 4-unit building can be built on there.

If you are looking for a consistent performing STR assets then I would highly recommend Fort Morgan, Gulf Shores, Orange Beach, Perdido Key area along the AL/FL coastI have helped many recent investors find turnkeys properties as well as vacant lots for them to build STR new construction homes on.

These expenditures are capitalized, meaning they are added to the property's basis and depreciated over time.Examples of Capital ExpendituresBuilding Additions: Adding a new room, deck, or other structural improvements.Major Renovations: Remodeling a kitchen or bathroom, replacing the roof, or significant electrical and plumbing upgrades.Appliance Replacement: Installing new HVAC systems, water heaters, or other major appliances.Structural Repairs: Replacing the foundation or significant repairs to the building’s structure.Labor CostsLabor Costs: The costs paid to contractors, electricians, plumbers, carpenters, and other professionals involved in the renovation are part of capital expenditures.Example of Capital Expenditures with LaborSuppose you renovate a rental property, including a new kitchen and bathroom.Materials: $15,000Labor Costs: $10,000Total Capital Expenditure: $25,000This $25,000 would be capitalized and added to the property's basis.

Do we look at the value of the building as a whole?

Conduct a thorough inspection, take photos of the property's condition, and finalize the deposit disposition.

You could also do some small development like a DADU build + condoization to multiply that tax-free money.

Some states require landlords to accept Section 8, while others do not.There's also a process with the landlord passing an inspection, signing the contract, etc.I recommend you contact your housing office and ask them what the process involves and how long it will take.