Thank you for the input, please guys I am not whole selling anything. just bringing buyers and help them with the deal, I am underwriting the deal making sure numbers work for them, advising potential problems, provide market inputs, giving advise if forming syndication, negotiating deals via subject to when needed so I am not acting as a regular real state agent who does not do any of this. 

For me, I acquired a portfolio of seven four-unit buildings all in the same neighborhood.

For example, does the rental property has to be in the same state as the LLC formed? 

You have 3 years form renting out to decide to sell and still pay no taxes.

I'm sure his credit is scorched already.No need to beat him down further for me to feel I had done what I needed to do to hold a charlatan accountable.

Technically, the IRS could pursue the Substance over Form doctine if they believed this was all done for tax avoidance in pre planned steps.

It's going to be tough for me to go for something in the 70k range.

I also don't want refinancing risk, so any deals with only 3 to 5 year debt are out for me.

The lender was great for me, Washington Mutual Bank, but is no longer around.

But this also lets you bargain by saying "you say it makes money but you have never claimed any profit".If you like it and then you get a lawyer to draft a contract with all the Details, detailed out even more and push for a closing day.Once that is good to go, you make a new business then do a DBA form if you want to keep the existing name for recognition.The buyer does NOT need a representative like Real Estate, it is fairly uncommon for buyers to have one.