There are some really big traps out there and most favor the tenant; be sure you are ready and the properties are within easy access.

It's a great idea to do prepare for these opportunities by making sure you have quick access to capital when you need it; and it's always better to start sooner rather than later.

will the construction require access to the upper unit?

Separately there are closing fees that may differ from market to market and are covered and documented in a meeting prior to allowing any access to inventory. 

The house is in a very good neighborhood with mostly families around, it is very close to a park and running trails (that have access to a big lake).

Thanks, Dan DietzI have not had issues adding back depreciation but you need to have the full tax return to add it back not just a K1 and sometimes the issue with multi member LLc’s is that you may or may not have access to the partnership return where all the depreciation is detailed, especially if you’re a passive partner. 

In my case, I was able to wrap additional properties on top of my personal home to get access to a 7 figure HELOC, it was basically a portfolio HELOC.

Access to the MLS is not enough to justify getting your license.

After spending a lot of time walking through and accessing everything it needed, we ran the numbers and it needs way too much work for what the current owner is asking (rather what we think she’ll accept).

Nearly $10k later for plumbing, plus more $ for access to plumbing, after all the plumbing was replaced in a 100 year old house (e.g. no access, lots of additions) all is well:)  But lesson learned, ask for dates of vacancy and date of Winterization, or look for the stickers in the house and ask the neighbors when the folks left.