Geez  I would be talking to your HML right now as I doubt they want to take it over.and try to get a workout with them ASAP.. sounds like its going to be  a loss anyway you cut it and I have to think you put up cash for a down payment as well. maybe someone else will have some pearls for you.Wholesaler is going to low ball you for sure.

Jon Welcome to Bigger Pockets !

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With this being my first apartment deal I am more unsure about underwriting this type of deal and was hoping to get somebody who is more experience in multifamily to look at the proforma, T12 profit and loss, and rent roll to tell me if I'm missing something or to let me know of things that I should be looking out for.

The water is getting in from somewhere, and if left unaddressed, it could lead to bigger issues down the road.

I’ve read enough to know that acquiring the LLC is a bad idea due to: unknown liabilities; tax liens and debts; loss of depreciation that has already been taken, and probably other reasons too.

. - If you don’t get significant movement within the next few weeks, preparing for a rental strategy might be the safest way to avoid holding onto the property through winter at a loss.

The first CPA I worked for told me that tax preparers who are unconfident would print every page generated by the tax software, to make a return look bigger even though it was bloated with unnecesaey supplemental sheets that provided little to no value.

Whereas my other LTR rentals B,C,D,E etc, can accumulate/share deductions and losses , as well as carry over.

(Sorry all the tax professionals that responded, I know you are better at this than your average consumer)Is there a way to ballpark how much bonus depreciation I may even be able to use as a tax loss to offset income?