I would consult @Jeremy Galloway before making that decision.

If you need a reliable roofing contact, let me know—I’d be happy to recommend someone.Your agent should have negotiated a clear possession date that accounts for the seller needing extra time to move.

I'm sure it would've included structural engineering, but it might have included electrical and mechanical engineering as well...or even other consultants.

(Yes, I understand comments provided are simply educational, I will consult with an attorney before moving forward.

Just make sure to document how you arrived at the land value in case of IRS inquiries.If you’re unsure or want to avoid any red flags, consider consulting a tax professional to ensure you’re compliant and optimizing your depreciation. 

Consider if it will truly benefit your tax position, liability protection, or asset management, or if it will just add unnecessary paperwork.If you’re in a state like California, keep in mind that you’ll have to pay $800 annually to the Franchise Tax Board, file a periodic Statement of Information (SOI), and submit a Beneficial Ownership Information (BOI) report.It’s a good idea to consult a real estate attorney to ensure you’re making the best decision for your specific needs.

He's reliable, trustworthy, and pays great attention to detail. 

These are reputable people who stand behind the properties they find and are reliable for ensuring a smooth transaction.

Hello and thank you for this reply - yes, I have been analyzing a few properties - I have found that the main issue for both the traditional long term rental and also short term rental in this area is reliable property management - it is traditionally a cottage country tourist area, but it is becoming more popular for long term residency, and there is an emerging missing middle, because of property prices.

Trying to figure out the optimal strategy that will provide liability protection, proper estate transfer at death, and other strategies that can benefit their tax situation.I have my ideas, but want to consult with someone who has estate and tax planning experience in CA.