If it's your first LLC, though, it might be wise to work with an attorney to guide you through the setup process and some basic steps to take afterward.

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

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

I have some basic numbers done.

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.  

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

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

NSPIRE will be used for all HUD funded housing programs.With NSPIRE, inspectors for HUD-assisted and HUD-insured housing will be able to conduct objective, defensible, and consistent assessments to evaluate housing conditions.

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.