@Duane Johnson I mean, you could try to JV with the guy, let him keep the house and you fund the rehab, and then you guys split the profit above a certain number, but again, unless that number is significantly lower than his ask, there's not enough meat on the bone

Central AC would have to be the best option for a multi-room unit, you may be able to get away with a window AC or wall mounted mini-split on a one room studio.

What other ways can we split the property without paying taxes?

Has anyone had any experience with obtaining Portfolio loans through Community Banks in the Charlotte, NC or Rock Hill, SC?

@Hubert Chen What you're wanting to do doesn't require "subdividing" it is a lot split.

JDI know what your going throughI had to learn from hard knocksit is my suggestion once you get the deal closed and you have the keys go through the building and make sure everything is off, breakers, water, gasget you a compressor and a pressure gauge to check the water and gas service- turn the meters off then you can check the service connections to the meters and not just the buildingget you a meter and turn the breakers on one at a time and check for ground faults and line voltage and label the panel accordingly to the breaker, this way you know what circuits are running which areas esp if someone has done work on the propertyas far as the split units or gas packs the only way to know if these units are operating correctly is to turn them on and check your pressures you will need a ac guy if you don't have the equipment to do this workenjoy

Joe Splitrock thank you so much for the links, I think you answered the question perfectly.

All of us are very motivated and have a great working relationship, splitting the profits evenly is something that everybody has already agreed upon (besides paying the investor back for down payment...etc..etc.)Hope everyone has a great day!

Adding a meter itself to a set of breakers is not a huge cost (1-2k each), BUT if your units are sharing physical electrical wires within the walls, splitting them is going to involve ripping into the walls, and re-wiring...The dead simple way to test this during your walk through is to see if each unit has it's own breaker box within the unit.  

Tim,Couple of things you could do.1) Partner up with a respectable wholesaler that is experienced in your area and split the profit with them if it closes. 2) Attend local REIAs and talk to the wholesalers there with specific questions.