@James Boreno You’ll likely owe taxes, but don’t forget to account for your adjusted cost basis, which factors in the original purchase price, depreciation over 10 years, and any capital improvements.

I am wondering for those who have an LLC for their rental properties if they are purchasing properties with the LLC or if they are purchasing under their name and then transferring to the LLC?

Asset sold was mainly transfer of client list and contracts.Does it make sense for me to seek out a note purchaser?

I have programs that require only 10% down for the purchase, and will finance 100% of the rehab.

Any advice or recommendations on where to purchase a long term property for rent are appreciated!

Quote from @Andrea Lucarelli: I’m interested in beginning my REI career with purchasing a SFH or condo in Cleveland area (safe neighborhood) to list as a furnished rental for travel medical professionals, supply corporate housing needs, or house temporarily displaced families for insurance companies.  

That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

I already have an investment analysis workbook built that tells me everything I need to know to make a purchase decision, NOI, COC, ROI, and if the property will achieve the appropriate coverage ratio to be funded. 

I'm not a fan of novations where you don't get the purchase agreement notarized and filed at the courthouse.

Purchase price: $330,000 Cash invested: $40,000 Hey everyone, I wanted to share a personal story about a property I purchased and renovated in Hudson County, NJ.