We choose this particular one because the neighborhood is perfectly set up for it & already had existing STR's in it, the layout & size were ideal & the private pool is not just out your living room door but is actually private as no one is behind us & the sides are walled off which we thought the additional privacy would make it more attractive.

Any reasonable allocation method is fine.We usually use square footage to allocate basis if there are different units, but per unit might be fine if there are a lot of units and they are all roughly the same size, give or take. 

If you plan on holding onto that property for the next ten years and content with the size of your portfolio, then you may be better off to not do the refinance.

I think it would be wise to get your own eyes on the property, and setting up the furniture, but I bet you could hire it all out if you wanted. 

I don't make very much money at the 9-5 but you can bet I track every freaking dollar coming in and going out for my properties.

What about (seriously) (2) bunk beds in one of the bedrooms (like an army barracks) , and turn the other bedroom into the office, and do no mods to the house.They are just going to move out eventually anyway.Then take that money and invest it, or give it to them to use.5 bathrooms in a house that size?

Depending on the loan size your looking at you may want to make sure you have 15-20% down.

@Casey Ricks, your best bet is an investor in my opinion.

Sf beds baths close by garage or no and sometimes similar size lot.look at price per sf on average for those renovated comps.

Your best bet would be to buy the house from them outright.