Originally posted by @Zach Zimmer:Thanks for the update. 

The same question is analyzed every day by millions of businesses, investors, wealth managers, financial analysts, and corporate treasurers world wide.

The data they pull from the tax records on how much a home last sold for, often not updated, or completely wrong.

I think your need a corporate and litigation attorney.

We would like to learn about how we should have went about it so that we can purchase more properties, minimize mistakes, and reduce our reliance on corporate life.

You can choose to report your income and expenses on Schedule C by electing to file as a Qualified Joint Venture instead of filing a partnership return.If you have created an LLC that is not in a community property state, and as husband-wife you are the only members, then you are a partnership and must file a partnership tax return unless you have elected to treat your LLC as a corporation for tax purposes.If you have created an LLC in a community property state, and husband-wife are the only members, then you are a partnership and must file a partnership tax return unless you have elected to treat your LLC as a disregarded entity or corporation for tax purposes.

I’d start by figuring out the cost of the cosmetic updates and seeing how much you could rent it out for.

Good luck and keep us updated.

The PM reported the update to me Friday night around 9PM, and we agreed the guests could not stay at the house and the property management company had another property to which they could relocate the guests for their weekend stay.

Your registered address not matching the duplex doesn’t affect taxes, but updating it for consistency is advisable.