My CPA said this is a grey area and that the IRS might disallow the exchange since I would've previously owned the raw land.Has anyone been through something similar or know if this is correct/incorrect? 

joe, ok so you were incorrect in that most of your tenants did in fact have bank accounts.

If this is true, you may be incorrect.

The technical side isn't a problem for me, however since I'm rather green in this industry, I don't know the quirks of the industry and not quite sure how to dig in to how to market this. 

Just got an official e-mail telling people to stop using reply all when incorrectly identified in an e-mail. 

With that said, have you thought about discussing the incorrect numbers to those wholesalers who seem to be legit (not an easy task itself, I would agree)?

The original information/suggestion was incorrect.

Most have claimed higher rents than could possible be received, lower expenses, and incorrect accounting/legal information.

I think before forming an LLC it's important to understand WHY you're forming one, what are the repercussions, tax wise, insurance wise and otherwise of it being done correctly/incorrectly and then seeking COMPETENT legal advice, which is familiar with OH tax and RE law.REI had a recent post on here about people who confuse the "appearance" of being an investor, over-concern with business cards, business name, entities etc, with the actual doing of business.all cash

Perhaps they won't figure out you've been filing incorrect returns.