If you plan to invest in a syndication as a limited partner (LP), ensure the structure allows for direct ownership in real estate (e.g., through a Tenant-in-Common (TIC) agreement), as partnership interests are specifically excluded from 1031 exchanges under IRC 1031(a)(2)(D).

Quote from @Richard Eric Hughes: My question is what ae you planning to do?

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

In the future, I plan to have more rentals but more interested in out-of-state investing than in state so I currently only have the one rental.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Happy you joined the party.. how soon do you plan to start crunching numbers on a potential deal?

If they thought DC was going to crash there is no way they would have moved forward with our transaction they will be in these lots about 300k EACH.. and they plan on 1.4 to 2.0 exits. 

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

The scope of what you asked covers a broad area from estate planning, to tax planning and forward. 

I currently have a bank account dedicated to my first property which I hold in an LLC, and I'm planning on paying out of pocket for the start-up costs initially but I wasn't sure if creating new savings accounts under my first LLC's Bank constitutes a comingling.