I purchased a 20 unit apartment complex about 1 1/2 yrs ago.

@Chris Seveney - Terms: 12 yrs, $760 payment (PITIS - Principal, Interest, Taxes, Insurance, Servicing fee), 9.2% Interest rate. 

Here, a long term tenant is defined as a tenancy >5-yrs in duration and in such a situation we must provide 3-months notice of termination.Check the tenancy law in your jurisdiction to see if there are additional right for a long-term tenant, and service notice when you are ready.

You don't want to sell now but maybe in another 30 yrs? 

Starting 2015, do I depreciate the $165,000 for the remaining 21.5yrs of the original recovery period, or do I start new at 27.5 yrs again?

I am a seasoned landlord / investor in Rockford, IL, (65 SF Homes and close to 15 yrs experience) but new to BP (about a month).I try to keep up to date and like to attend a seminar every so often and am looking for suggestions from this group.

I'm scheduled to look at this 4-plex later today.Asking price is $109,900 Price has been lowered to 99,000My agent is now saying they have a couple of offersThe units are in good condition and fully rented22500 25% down if bought at 90KLoan rate 5% 30 yrs Monthly rental minus 10% vacancy $2070 Home owners 700 yr taxes 6300 yr monthly expenses $620 not including PMRENTAL INCOME 24840 YR Total expenses 18784 Total loan payments 4344 Cash flow $6056 Intrest expense $ 3375 Depreciation $2945 Total tax deduction $4080 Tax saved -612Net after tax cash flow $5444 or $453 per monthThis is from an on-line Investment Property Calculator.

Most selling for around $230 psf.Most MH are selling for around $105 psf for an older model and yes that includes a 0.25 acre plot of land.So I'm hoping to do this full time as a replacement income from my forced retirement at age 65, but start part time now.On another note....since I'm over 59.5 yrs old, I believe I can take the money out of my 401K and do a ROBS (rollover business start up) 401K and use those funds to purchase land, MH and improvements. 

I don't currently have an accountant; I have been a devoted Turbo Tax user for over 15 yrs.

Seller tells me they are trying to convince the bank to work with us (house was on the market for a while, and needs a lot of work ~150k easily). original bid was for 800k, and since the listing was removed, I've told the seller we could get to 875k if that helps them at all.. but, no way to know if they have conveyed this to the lender. neighboring houses generally in 1.1mm - 1.4mm range, so it makes sense for us (we plan to live there for 20+yrs), but not for the average person looking in this price range (nobody wants this kind of project).