You can offset the passive losses from one rental against the positive income from another rental.Therefore, you will likely have a net $3,000 loss across all the three rentals which you would carry forward.If your depreciation was more than $3,000, you basically made cash-flow or rental income that was not taxed, which is good.Best of luck

Now after the fact, he sends us a bill that basically outlines taking care of all the same things the other bit mentioned, but he is  wanting 23K after the fact.  

You are basically building a new home on a piece of land.

I have some basic numbers done.

They are two different methods and there is a ton of content out there on both.Seller financing - the seller basically becomes the bank.

It is basically a VA loan and from my experience, you have to purchase as yourself and then change into your LLC after close. 

Don't quite understand what you mean.Wholesaling has nothing to do with where you grew up.Wholesaling (as well as any other business) is about lead generation.I didn't grow up in NYC, and if I were to wholesale there I would dominate that market with my ability to rank websites #1, dominate online presence, credibility, and competence strategies I can apply to my online image.I think this is why so many people are "afraid" of wholesaling.Break wholesaling down into its most basic elements.

Heating temp increasing?

The way you described the deal in the 1st paragraph makes it sound like your "partner" is basically a lender.

Buying a property to house hack with an LLC basically defeats the purpose of doing it.