It was my habit also to instruct those who ran any business to be knowledgeable about the basics of tax and accounting in order to make better daily decisions. 

One thing every investor needs to be aware of: No real estate fund or syndication is FDIC insured.You may come across phrases like "the money is in an FDIC insured account," which only means the funds are held in a bank account, not under someone's mattress.

@Adolphus Fletcher - If you're main goal is to build business credit there are different avenues to do so including: obtaining and unsecured line of credit for the business, applying for a business credit card, applying for business accounts such as Home Depot/Lowes, etc...

I'd attack the credit report :) 1) lower (pay down) whatever accounts have a high utilization percentage 2) contact each of 3 major consumer credit agencies and get a free report, then dispute every hard inquiry that is *NOT* associated with an open account 3) call the credit cards you already have established and ask for a credit line increase -- often can be done online and they do not verify income, hint hint. 

1099 C is an interesting question ask your accountant.. note holder asking to be paid off . this is just a negotiation.. you offer what you want to offer and they can accept or deny. 

Account Closed I purchased a vacant lot a few months ago and am looking to build. 

If we had gone through with the transaction and somehow obtained right of first refusal written notice, would the seller be legally held accountable without us forcing litigation?

We currently max out our Roth 401k, Roth IRA, and $2k per month into our vanguard taxable account.

I highly doubt you'll find anyone here, but DM STR accounts on Instagram may help you connect with a host who has done it. 

Make sure you get regular statements of that account to make sure they are not tapping into the deposits.