You get to immediately expense the residual value of the improvement because it is gone.Depreciation is a TAX concept with no relationship to real world. 

Understanding this concept is critical in determining how your asset is priced, should you be the fortunate investor who is holding a property in a low cap rate market.

I've done a lot of research regarding the concept of investment properties, cash flow, depreciation, tax shelter, leveraging, etc.

That seems simpler than trying to scrape together a couple hundred dollars a month from a whole bunch of properties to get to the thousands of dollars per month I want coming in. 

I had 45 storage units with 7k sq ft of commercial above.. small business they had office and storage at one site.. that worked pretty well in a stacked concept. 

Love the mailbox money concept. 

Two thoughts come immediately to mind:Unless you can articulate in excruciating detail why your friend is so motivated to get away from this property, and then describe in detail your solid plan for addressing all those issues, you will BE your motivated seller friend in a few months/years if you buy this thing.I would aim for buying subject to existing financing (search "subject to" here on BP), rather than via "lease-to-own" or JV: It's generally cleaner and simpler.

I especially appreciate the concept of "frontloading."  

This makes things simpler, and both are correct but won’t give you the exact same answer.If your loan really is Amortized (principal drops with fixed monthly payment), then download Extra Payments on Monthly Payment Fixed-Rate Mortgages.Be sure you understand what your lender is doing and always check all work.

And we also implemented an open concept.