@Kenneth Joseph Perfido If you’ve moved to a new state and plan to conduct business there, you generally have two options: register your existing LLC as a foreign LLC in the new state or form a new LLC in the new state.

As others have mentioned, DSCR loans are generally for turnkey rentals (although outdated rentals may still qualify depending on the level of deferred maintenance). 

In this case, correct, 1031 exchange is not available. 1031 exchange is property for property, and an interest in a partnership normally is not (with a few rare exceptions, so you may want someone knowledgeable to give you a second opinion for your particular situation, which requires reading your inheritance documents.)Whether or not you have any mitigation strategies totally depends on your specific situation and requires a one-on-one. 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

I've never seen such a mismanaged business.

Each program is a little different so it just depends on your situation and income.They are quick and easy though once you get your certificate you can work with any Bank or Lender that is approved to use those DPA's.

Nope I do not intend to do any business of the lending variety in Vegas I only do joint ventures there. 

A CPA who specializes in partnership issues can also likely talk through these issues with you.3) Depending on the size of the deal - Keep It Simple - the number of really complex agreements that come across my desk for a $500k property is crazy, and it ends up costing as much to do those tax returns as a comparable $5m deal

Depending on your states statutes and because they are on a month to month, give the proper notification that xxxx change will take affect starting 30,60,90 days from now. 

.: Found mine while attending a real estate/small business tax conference.