So here are some facts.The  fact of the matter is that this is a potential deal - involving a very small property, with a small number of investors,  I will make 3% on the acquisition and more at disposition.

(g) Any purported assignmentof an Interest that is not made in accordance with this Agreement ishereby declared to be null and void and of no force or effectwhatsoever.7.02- Assignee'sRights.The effective date of admission to the Limited Liability Company of aSubstituted Member shall be the first day of the month following themonth in which all of the Members shall have given their writtenconsent to such admission.7.03- Indemnificationand Terms of Admission.Each Member ("Transferor") shall indemnify and holdharmless the Limited Liability Company, each other Member and anyIndemnitee who was or is a party or is threatened to be made a partyto any threatened, pending or completed action, suit or proceeding,whether civil, criminal, administrative or investigative, by reasonof or arising from any actual or alleged misrepresentation ormisstatement of fact or omission to represent or state any fact madeby such Transferor in connection with any assignment, transfer,encumbrance or other disposition of all or any part of suchTransferor's Interest, or with the admission to the Limited LiabilityCompany of a Substituted Member, against losses, liabilities andexpenses for which the Limited Liability Company, any other Member orany Indemnitee has not otherwise been reimbursed (including, withoutlimitation, attorneys' fees, judgments, fines and amounts paid insettlement) actually and reasonably incurred by the Limited LiabilityCompany, any other Member or any Indemnitee, as the case may be, inconnection with such action, suit or proceeding.7.04- Withdrawal.No Member may withdraw from the Limited Liability Company.ARTICLE VIIIAMENDMENTS, VOTING ANDMEETINGS8.01- Amendmentby Members.A unanimous vote is required to amend this Agreement.8.02- VotingPower.Each Member shall have one vote for each Unit held by such Member.Unless otherwise expressly provided in this Agreement, theaffirmative vote of a majority of the Members shall be required forapproval of any action of the Limited Liability Company by theMembers; including, without limitation, (i) dissolution and windingup of the Limited Liability Company; (ii) the sale, exchange, lease,mortgage, pledge or other transfer of all or substantially all of theassets of the Limited Liability Company other than in the ordinarycourse of business; and (iii) the merger of the Limited LiabilityCompany with another entity.8.03- Meetingsof Members.Upon the written request of any Member or Members owning at least tenpercent of all Units, the Manager shall call a meeting of theMembers.

This is paid at closing. asset mgmt fee: fees to oversee the biz plan and property mgmt company - can be around 2% - 3% of revenue cash flow above performance hurdles: money you make after investors make their targeted amount  disposition fee: money paid to you for getting property ready to be sold and coordinating efforts (i.e. lender, appraisal, paperwork, etc.) - usually around 1% of sales price construction mgmt fee: can be up to 10% of costs if you oversee major unit upgrades/construction on property property mgmt: if you have a property mgmt company then you can build this in too - usually around 4% of collected income (rents + other income) In this deal in particular, I'm making money on the acquisition fee (one-time fee at closing), asset management (monthly over course of the hold period) and sales proceeds after reaching certain performance hurdles for investors. 

Trying to learn the disposition process in the wholesale model in this complex state of New York.

However, even if you cannot amend the first return you reflected the property as a rental, there are other ways to properly reflect the corrected cost basis upon the disposition of such property.  

So, avoiding capital gains tax on the disposition of this duplex would also go a long way in helping relieve some of that debt, as well.

-property location-style (sfr, land, mfr, etc)-purchase date-purchase price-debt service used -%rate of debt service -rehab costs if applies-exit strategy-disposition date-disposition price-gross profit-ROI % or annualized % of return Not sure how complex it should be.

Dispositioned project to developer at approval of subdivision.

They absolutely are your customers since they're going to be the ones calling your office daily for every issue under the sun, and if you don't have a good office manager with a great customer service disposition who knows PM issues (maybe that person will be you in the beginning), you'll be sunk.

Long story short, we sent him a disposition of deposit with an invoice because his deposit didn't cover all repairs.