I will also be tracking expenses related to repairs, maintenance, travel to and from NV, hotel stays, meals, gas, and other regular business costs.In the long term, I aim to purchase additional properties under the business name, but I understand I need to establish at least two years of income and credit history before doing so.The issue I’m encountering is that my accountant has not provided any guidance on how to structure this scenario.

Its my understanding that the individuals are responsible for all the legalities, contracts ect to make it safe not to get ripped off. 

Hi everyone, joined BP last year for all the freebee calculators and finding myself a bit over my head and in need of some advice...Have a commercial property bought on land contract, 0 down, 5%, amoritized over 30 years with 6 year balloon for 120k last year.

No idea because I don't know how much you're under contract for and what the market is in that area.

If you actaully put the property under contract, the cost associated with that porpety can be taken as captial loss.Replacing countertop could also be repair.

I am working on my RE license for VA and see some gov contracts where JLL "is the Commonwealth’s contracted real estate broker for current real estate services, including with respect to the acquisition or lease of real property and the disposition of surplus real property." 

So when we had this property under contract for $92k ($95k purchase price with 3% buyer commission credit because I'm a licensed agent), it was an amazing deal.

These sellers hand you the keys and stay out of the way until its time to sign a contract. 

If the tenants are on contract, you will inherit that low income until the lease is up.

But 3) Try multifamily specific brokers, crexi and loopnet, although 2-4 units maybe scarce. 4) A home equity line of credit is a good source of funds however it will generally make your overall monthly payments higher, so unless a deal is very solidly cashflowing, a HELOC may put you into negative cashflow. 7) Typically electric/gas are paid by the tenant - however this isn't true across the board.