Since we can't have a beer face to face, here's the next best thing (a couple virtual pints of Phat Tire beer: :beer: :beer: My treat!

It is a business and must be treated as such.Forgive the blunt reply, but you don't really seem to be concerned about money.

The IRS will treat the LLC as if it does not exist when the taxes are computed.

I am here to treat people with kindness and respect.

Both books are some of the best in the business.Too many folks get into the Investment and/or Real Estate Profession and treat it like a hobby instead of a business.

Since all you have is a contract right and you sell that (via a simultaneous COE on the same day) and you have held that contract right for longer than a year, it should still be treated as a capital gain to the LLC.The capital gain recognized by the LLC will flow through to members of the LLC via a K-1 form, which will get reported on your individual tax return in the same character.Caveat....please check with all the details of this transaction and make sure you can show you had and investment intent from the beginning to support your case and that you indeed have a binding contract that is assignable (most are if you have a good attorney).As for keeping the cash in the LLC, it doesn't matter.

Single member LLCs are considered to be disregarded entities for income tax purposes and as such are treated as if you acquired the property as an individual for income tax purposes, but they exist for legal protection.

All of the electric would have to be brought up to current code (the house was 75 years old) and fire damage would have to be replaced or treated so it wouldn’t smell.

If I have understood my accountant correctly, your holdings are treated the same whether held/sold in an LLC or personally.

There are also legal issues in that certain changes to a loan could trigger a chance in the liens position (some modifications are in effect treated as a new loan so the recording date moves).The trusts who are holding paper that has lost significant value (mark to market pricing) will be only too willing to agree changes in the trust provisions if the change will significantly improve the value of the asset.