I was interested in the long term rental play with this duplex in addition to house hacking to improve my balance sheet now.

Cheers!

I want to try and learn every part of the process and play it out in my head so I am better prepared.

Cheers. 

The two items that are generally at play are the GPM flow and the lead content in any fittings attached to potable uses.

Cheers, Buddy

The only plays i've personally seen with this type of asset that make much sense are fixing it up (really substantially, because remember it's already old and is just getting older by the minute) and then using a Seller Financed Sale as your exit strategy when it is time to sell.  

I am just unsure where the contact between myself and the appraiser comes into play when the lender is the one ordering the appraisal.

Cheers!

Here is generally how the strategy plays out: when a sponsor acquires a property, performs a cost segregation study, and takes the bonus election, the portion of the property's value that is allocated to land improvements gets depreciated 100% in the same calendar year the property was purchased.