That Last sentence to your response is "mic drop" worthy @Randy Achi! 

If the purpose for the entity is liability protection, you should be having a conversation with an attorney.If the purpose for the entity the accountant should be able to provide any feedback if there is any tax saving opportuities with the LLC formation.Best of luck to you

I also agree with @John Underwood that purchasing this with the intention/purpose of having a write off isn't a sound reason to purchase.Happy to have a call to dive a little deeper.

Quote from @Andrew Pierce: Thanks for your responses Erik and @Patrick Roberts ! 

A lawyer advised me to dissolve the business because we can't fulfill the purpose of the business then sell the lots. which I'm fine with but I really want to keep the lots and build on it.

For example, if your old tenant moved out November 25th and you place a new tenant 15 days later, then you can hold the old tenant responsible for 15 days of unpaid rent.4.

Money can help free you some to work on your life's purpose and amplify what you believe in and help make you more fulfilled on a daily basis but doesn't solve everything.

It’s also great for building a trusted brand in your market.5.Customer Service is KING: Prompt responses and proactive communication are non-negotiable.

Rentometer has avg rents at only $1067/mo so I'm also not sure about paying that much for such little rent for a long-term hold perspective when from what little research I've done you can get more elsewhere for the same buy price - maybe someone looking to park money for tax purposes or an all-cash deal hoping for a big upside? 

@Michael IzbotskyAn estate plan serves several purposes, but, in CA, yes, particularly to avoid probate.