BUT WE TOOK ALL THE RISK IF IT cratered..

@Scott SmithHi Scott,I actually had one more question, a job relocation made me move out of state,would it make sense to sell the property (Personally without llc or Land trust)and purchase subsequent property ( looking to buy commercial with six or more units)under an llc.How does this approach fare withselling current property post transferring to an LLC from an asset protection perspective.Appreciate your input.

., In a wholesale deal there is no way to perform a 1031 exchange.The 1031 requires that the exchanger actually sell and subsequently buy investment real estate. 

Subsequently she sued me for the return of her security deposit (had not paid rent for 5 months!).

The estimate was $32k, which, based on what I’ve learned since then, was on the high side in my market (though that figure did not include the plaster work that would have been subsequently required).

Depreciation - 27.5 years - differentiate the cost of land separately from the cost of the building - keep your paperwork from the purchase and the subsequent saleIncome/Revenue - All rents received, sometimes security deposits, late feesExpenses- Maintenance, interest paid, utilities, real estate taxes paid, repairs

That was subsequently compensated by higher rents when we took out the coin op washer/dryer.

The presentation and subsequent meetings resulted in a (7) figure contract.

But it took a shade longer so I ended up dropping the rent a little for subsequent units.

I was wondering if anyone has experience with obtaining a professional property appraisal during a renovation to see if the after repair value per unit is what you anticipate it to be and then using the appraisal value (in this case on the first 2 units) to steer the level of renovation on the subsequent units.