All Forum Posts by: Amie W.

Nice work Logan! 

This has been an Income-producing property. The seller has successfully rented it since 2020 for $2700-2800 a month. The seller will consider including furniture in the transaction.  Typically rents to traveling nurses, and has one in place now for $2800 per month, willing to stay until July or leave in 30 days.  Price $349k.

Current owner posts mid-term rentals via Furnished Finders, see listing here: https://www.furnishedfinder.com/property/242057_1

Putting it out to Bigger Pockets today, but will list it on the MLS on March 27, 2024.

Here is the MLS description:

Welcome to this private Canton row home. Living here is the BEST of all worlds. This home is close to everything, yet tucked away on a quiet oneway side street that generally has very little traffic.

*At least 20 restaurants and bars, Patterson Park, Canton Waterfront Park, Safeway, and ODonnell Square Park– the heart of the neighborhood where the streets are lined with restaurants and local shops– are all within an easy stroll.

*As you open the front door, you will notice the gorgeous large-plank hardwood floors and the open floor plan that leads from the living room to the dining area and then to the updated kitchen with a 5-burner gas convection range, an Advantium oven, a new dishwasher, and granite countertops. The kitchen opens up to the deck area with plenty of room for relaxing or entertaining.

*The second floor has beautiful exposed brick walls in the hall and in the primary bedroom. This level contains two light-filled bedrooms and a bathroom with a large, tiled shower with three shower heads.

*The basement has been recently renovated and includes a private bedroom with a walk-in closet, a full bath with a large soaking tub and shower combo, a laundry room with a full-size washer and dryer, a utility sink, and a large storage closet. There is also a dry bar area with storage below and a spacious counter.

$income Producing property: Seller has successfully rented it on furnished finders.com for over 2 years at $2800-2700 a month. Seller will consider including furniture in the transaction.

Thanks for the thoughtful responses everyone. Very helpful. 

@George Blower - Yes, my spouse did do some work for my self employed business as a 1099. The IRS documentation is confusing... leading me to believe that this situation is only valid if we are sole proprietors or in partnership (but I have an LLC). I think it's the LLC factor that is making me wonder.

-- I worked with IRA Financial Group

My other unanswered question is - since he rolled over his IRA into the solo 401k - do I - as the 401k plan provider- need to document to the IRS that we received this distribution into the account? Fidelity handled the rollover well and classified it correctly as a nontaxable event.

We created a solo 401k trust in 2017 (I am a contractor with an LLC). The adviser helping us said that I could roll my husband's ira into the account as long as he worked for me... as a 1099 contractor. Now that his money went into the 401k trust (held in a non prototype account at Fidelity and we bought a condo with it...) I'm not sure this was correct, after looking at the IRS rules for spouses.

It seems like we would need to be a partnership - but my business is an LLC and we are in MD - so now what? I've got a call scheduled with my provider - but I am concerned that the rollover was not legit.

Any updates?