Some of this may have been grandfathered in, but now need updating.I would pay the extra say $50,000 to have an Engineer firm go over.

All end buyers can see it on the market now and can buy it direct so what would the point be of you locking it up on assignment and then asking people to come back and buy it when they already could have bought it without paying you spread in the middle.

I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash.

And make sure you underwrite for true markets rents, not just what Section 8 may be willing to pay.

The NPV benefit of shielding income will be substantial 10 yrs down the line. 

The issue with section 179 expense is that you normally have to operate at positive income.Under most circumstances, bonus depreciation is better since you can take bonus depreciation even if you operate at negative income. 

Borrowed money from friends and family to pay cash for the property as the bank would not finance it until it had been remodeled, made livable, and brought up to code.

If you buy less or take cash out you will pay tax on that amount. 

Make sure you talk to a Banker or Loan officer that is well versed in both SE (Self Employed) income and also Non/QM programs.One tip I will give you as a Banker is open up a "Business Checking account" and for the next 12 months pay "Everything" out of that account. 

I'd offer to pay more in commission than what you think is the "going rate" (not your exact words but what you are wondering) on my first deal or two with agents so that they are enticed to work with you.2.