Property currently has evap coolers and wanted to upgrade to central air.

, an air filling machine from the same is still there(not in working condition).

I am in Ocala and we are a hot spot for investors right now too but its still doable to buy here and cash flow.

If vacation rentals or Air bnb make sense in your area, go that route.

It most likely wouldn't pay to convert to forced hot air. 

We would like to claim a depreciation on it, but it seems that there is no information regarding the division between the cost of the land and the cost of the apartment (because, well, it's a single apartment floating in the air).

I'm not really worried about the $100k you've got in the game to get the assignment, but I'd be worried about the money you're putting in to rehab it as not generating 1:1 ROI.Maybe the Bay Area is such a hot market that it's less risky than I think, but I tend to be risk averse as an attorney. 

The house ended up having a newer air conditioner unit that was never permitted, $, after the fact permitting and bringing up to code. 

You’re shooting your self in the foot looking to rent only to active duty people in the Oakland area since the Navy and Army shut down their bases out here over 20 years ago and the closest Air Force Base is Travis and that’s an hour away.Now if you open yourself up to military VETERANS in the Oakland area you will be on to something.

@David Zachery, assuming you live in Kentucky, a few things you have to consider as your question is pretty much made out of thin air, especially if you have no commitment from your family friend:1.