It is a tax write off.

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):REAL Red Flags That Matter:The Partner Complaint TriggerDisgruntled partner files Form 8082K-1 disputesPartnership disputes leading to tax filingsReal Impact: Instant IRS attentionSuspicious Loss ClaimsLosses exceeding investmentArtificial basis inflationSudden large losses without economic realityExample: $100K investment claiming $500K lossesRelated Party GamesCircular property flipsBelow-market transfersFamily partnership schemes without substanceWatch Out: IRC §267 and §707(b) violationsDebt Engineering Red FlagsBasis inflation schemesArtificial guarantee arrangementsPartner debt shifts near year-endCritical: IRC §752 compliance matters!

Feel free to connect with any questions!

If none the file will be suspended or denied.If you have any questions feel free to reach out since mobile/manufactured are very complicated if you do not have all of the facts.

If you need a tool to help you with that, feel free to connect.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Good luck, and feel free to reach out for more advice!

I know an investor in Minneapolis that specializes in this feel free to dm me.

Feel free to download it here and reach out to me with any feedback: https://apps.apple.com/us/app/biggerpockets/id6736392302