There are only two legal classes of rental STR are those less than 30 days, and LTR are those longer than 30 days.

LLC is just for legal protection here as the LLC is a passthrough entity for tax purposes.

You cannot (legally) exclude your capital gain when you sell your NJ house next year. 

Any advice or relevant legal references would be greatly appreciated!

Hi there, my wife and I live in California and are currently under contract on our first rental property, a duplex in Bismarck, North Dakota.

I'm under contract for my first investment property. 

If not, you likely must honor current lease terms unless tenant agreeable - read lease as it may have early termination agreement. 3) your contract and/or settlement statement should show security deposit transfer agreement.

I'm under contract on a commercial deal.

Respectfully,Zach Hi Zach, you could do this through a joint venture agreement, which is basically a contract.

If the later is the case, unless your contract with that buyer had specific performance language in it, there is nothing you can do.As to the advice above about potentially clouding title, you are now entering the legal realm and you should NOT be taking legal advice from anyone other than your attorney as clouding title in THIS case can swing back at you from the original sellers for not performing and claiming damages against you.If you intend to wholesale, you need to do it legally and ethically and in many states, that requires either a license, closing on it with your funds or borrowed funds, then marketing for resale once you have title, or having your buyer upfront, forming a legal entity with both you and buyer as owners.