How much money should we keep in savings for emergencies (I was thinking 7-10k minimum)I know the current rent on the unit occupied is $1200/month (2 bed 1 bath)I don't know what the sqft is of each unit but the total of both units combined is 1,682 sqftRight now I know the property doesn't have laundry in the units (we would be adding that to each unit)We also would want to add wall unit AC/Heating (save on monthly expenses as oil is expensive)I don't think there are separate meters for utilities (I assume utilities are included in rent?)

It needs some work and is technically one unit but i have ability to section off 2 bed and 1 bath to be separate and airbnb/rent.

It needs some work and is technically one unit but i have ability to section off 2 bed and 1 bath to be separate and airbnb/rent.

You don't get any more or less deductions for expenses and depreciation whether you do business as a Sole Proprietor (in your own name) or a separate entityI am not a tax lawyer nor an accountant the above is my laypersons understanding of the law and taxes.

I would figure out exactly who the decision makers are first, and then from there I would explain they can either lose the property entirely, or sell it to you and make $XX,XXX. for most reasonable people making something vs nothing make sense, but obviously relationships and emotions can determine how that goes.Good Luck

I keep the bookkeeping separate for each property.

I haven't heard of major mechanicals being located on a separate parcel before and that either triggering a purchase of that parcel or relocating of the mechanicals.

OR sell rental, combine profit with inheritance equaling roughly 140k altogether, and make 4 or 5 separate down payments on multiple properties?

instead of paving 2 separate driveways. 

I would wait and send a separate email reminding them their lease is almost up.