Similar to what @Ben Zimmerman described, the whole process took 2-3 weeks, with multiple contractor visits (I had to grant access every time), and finally culminated with them installing a new hot water heater.

-Ben

@Ben Feder the above posts are correct about equity, but to better clarify for you; by renovating and getting it leased you are adding value.

@Ben Leybovich  did you not get the memo Houston multi family is over heated  :)

Hey @Yitzchak Eliezer ben Chanan I happen to live in New Hope and invest in other areas. 

Thanks and God bless,Ben

Can he really take the purchase price as the improvement basis, or is it mandatory to have even a small portion allocated to land value?

Ben

Do I have to do a registration for both me and my spouse or can he come on mine?

Maybe have a talk with Ben about that.