I'm ready to get my draft notarized but thought it would be best to find a real estate attorney to review first. 

I would appreciate it very much if someone who is involved in real estate in Memphis, either as a realtor or as an investor, would private message me so I could have a text conversation and ask my questions.

I work at a Warehouse Developer that builds from ground up, then rents them out and manages everything so I get to see a lot of sides of Real Estate. 

How the money is distributed at closing doesn’t change your tax situation unless you did something like a 1031 exchange where you would not actually receive any money - the money would go towards another real estate purchase - to which there are a lot of rules. all the best!

Landlords of section 8,Do you have any tenants who pay you the difference between the local housing authority's voucher limit and your market rent? 

The seller will not let us extend due diligence and will just put it back on the market and said he could do these repairs for half of the cost of the low bid (~5k).

If your income isn't in a certain range or if you're not a real estate professional (amongst other items) the cost segregation might not be beneficial.

However, it is clear you have an unusual partnership agreement so it is best to consult a CPA.On the other hand, real estate is not a liquid asset. 

My condo has been on the market for 127 days in the 92054 area code.

Needless to say, real estate investing is a long-term wealth vehicle.