When I inquired about the property it was already bid up over $100,000 asking price (still lower than sme other properties I saw - $140k/unit).  

The tenant has two types of coverage: liability and personal property.

What area are you in, have you locked up any properties yet?

Hello everyone,I’m an experienced real estate developer and builder with over 35 years in high-end construction and property development across Canada and Mexico.

How many properties do you currently own?

While gifts exceeding $18K per year (2024) require filing Form 709, they don't create an immediate tax, but the IRS may scrutinize this as tax avoidance.Tax-Saving Alternatives:Prorated Section 121 Exclusion – If you lived in the home part-time, you may qualify for partial tax exemption.1031 Exchange – If your share was an investment property, reinvesting the proceeds defers capital gains.Installment Sale – Spreading payments over time may reduce your tax bracket.Adjusted Basis Review – Factor in capital improvements and selling costs to lower taxable gains.This post does not create a CPA-Client relationship.

You do not need a separate LLC for each property!

ACT when they go to sell, or takes the property under contract without telling the seller he is not the final buyer and then assigning the SubTo property to someone else for a fee. 

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

Since part of your home is a rental, you can deduct a portion of expenses like mortgage interest, property taxes, and utilities.