Contractor B, California) at the residential level.  

But for a moment, let's work under the assumption that the foundation is in good condition and within tolerance of being level (usually 1 inch). 

The basement is composed of concrete block topped with common brick above ground level into wood framing.

We have owned the property since 2017, have building permits approved at the local, state and federal levels.

In my experience lower level units are less desirable and minimize your rental income.

With housing payments covered and cash that should be left over after your second deal (keeping some reserve for repairs), your savings on income should be able to get up to down payment level on a third buy and hold deal fairly quickly.3)  If the cash flow from the sea side dream home isn't stellar or a cash out refi hits snags for whatever reason, then I would 1031 and re-deploy it to multiple new SFH or larger 4+ MFH.Good luck!

You're better off going with an Estate Attorney rather than being involved in divorce attorney arena given the high level drama and emotions involved. 

And how is this tax reported as a SMLLC federally and locally at the state level?

The only condos/townhomes that bring that level are in the upper 200s-300s price range.  

Couple that with the fact that you are buying entry level and there is not much profit there to split up.....Say you put down 10% on a $150k house and it rents for $1200 mo.