Totally agree with Jay Dean Could require treatment and a few boards replaced, or could require sistering/replacing all joists including the plumbing, electric, and gas running through them.

Bill the tenant for the damage and flea treatment.4.

There is also termite presence potentially since treatment was done and other issues that I am thinking will be around 8-10k. 

While it may come at a higher cost, for a project involving plumbing, boiler conversion, and termite treatment, my strong recommendation is to opt for a reputable general contractor.

It's jarring when compared with some of the more over-the-top treatments like the coffered ceiling and the heavy crown in the DR.

On the other hand if you hold it one year plus a day it will be eligible for capital gains treatment.3) Here is the tricky part.

Many people who have an LLC may actually being having it treated for tax treatment as an S corporation. 

You “have” to hold at least a year barring a financial collapse the tax treatment and savings will be immense. 

I don't think there's any excuse for this treatment.

One could argue that both are assets, but the treatment of both is much different.I wonder why land is treated different?