Net Sale - Is the contract price, minus the closing costs and commissions.adjust cost basis - net sale = net gainYour gain is made up of profit and depreciation recapture.

I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

Was able to gain some leverage prior to negotiating which resulting in a great outcome What was the outcome?

I'll make sure to spend the initial deals learning and asking questions to gain practical insights.

While the image of yours I found seem to show the main entry to the 2nd floor at ground level, the older the prospective tenant, the less interested they are in a non-ground floor unit. 2) Using another part of the property as storage could limit interest and I could see that as a turn off with folks once they find this out.FYI, the listing I found on realtor.com makes no mention of the tenant not having access the entire property or the basement being used as storage.

Finally, as an aspiring/budding lender, I don't have as much access to mentors, but then again it's easier than rehabbing/flipping and probably easier than buying and holding and managing multifamily. 

U need 1500 GPH at the hydrants.. no street can be longer than 600feet with out dual access..

You can access the starter plan here.

I think I would try to get past the one-year mark for capital gains then sell it.

Building a cabin in a tourist destination that does not have easy access to gas or electric.So I will need to run electric line anyway and considering installing underground propane tank, is it worth it?