The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

What are some components that one can miss?

, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

They do require these to be done on Primary Residence, and they probably do have a credit component, but may not have an income component to underwriting.

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

Just know that it is a "no days off" kind of business and very mechanical.I would suggest documenting your process via video so that eventually you can bring people on to replace the different hats you will be wearing.Keep in mind of these 5 components of any wholesale business.lead generation, deal sourcing, underwriting, marketing, transaction coordination.

In my opinion, good partnerships always have a "trust but verify" component, and this is no different with Travis & Nader.

Here's the key components to calculate your tax liabilityAdjusted cost basis - Is the purchase price, plus capital improvements, minus depreciation.

For example, stating a component of fraud, or theft by swindle.

If you don't have to mess with the structural component : don't- its not worth it many times from a time-perspective.