If and when you buy the building, if there's any leases that have run month-to-month I would have the tenants fill out applications, requalify them and execute new leases with them.

The tenants must have a strong application and a landlord reference with the cat, pay a larger deposit and higher rent, and they are inspected more often.Nothing will stop the odor.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Application Deadlines are updated on a rolling semi-annual process for each program, with the current upcoming deadlines as of this post shown below: Small Deadline: 11:59 a.m.

You would use Form 3115 (Application for Change in Accounting Method) to change your depreciation method.

But I haven’t identified the properties yet, which lenders usually want to see through a formal application. 

I got an application with great credentials.

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This brings into question everything he's told you on his rental application.  

In this case, the reclassification resulted in a significant first-year deduction under applicable bonus depreciation rates.