It is very difficult to go after an LLC and frankly, there may be no assets except the prperty in question.

Since my adjusted basis is about 50K, am I going to have a $250K gain on my income taxes this year?

We can work on maximizing that revenue in the future.I doubt an out of state investor is going to have success BRRRR in Huntsville right now, but then again, every investor gets to define success for themselves. 

Just go talk to more sellers and find one that has the same type of property and condition as this one that is motivated to sell it to you for a number you want it for compared to comps. 

They expect you to live in one unit, BUT I have never heard of anyone from the lender go and  check in on you to see if you are actually living there. 

Go to some networking events in the area and meet other investors. 

why do you think Morris got away with it.. he pocketed millions and for sure knew what was going on. ???? 

Anything south central is going to be a huge money maker, and it is Galveston, everything is 5-10 minutes from the beach.

Passive pockets may be a better place to go. 2.

I had the call and the person seemed very sus, he sounded scripted, salesy and the program curriculum compared to the price was a no-go for me.