But it does give an easy way out for busy out of state heirs who don't want to deal with organizing with other heirs to redeem the property, put it on the market and split the proceeds.

A few others have me mentioned other rust belt cities reviving because of cheaper housing prices, rising rents, and new business moving in.  

I have managed to get myself into a bit of a complex situation on my first deal and I'm looking for some advice. 

I use this property and another one as my business line of credit. 

It gives you a very quick head start on live deals.

They are known as the Winthrop Factors-The purpose for which the property was initially acquiredThe purpose for which the property was subsequently heldThe extent of improvements made to the propertyThe number and frequency of sales over timeThe extent to which the property has been disposed ofThe nature of the taxpayer’s business, including other activities and assetsThe amount of advertising/promotion, either directly or through a third partyThe listing of the property for sale through a brokerThe purpose of the held property at time of sale; the classification as an investor or dealer is determined on a property-by-property basis.To me intentionally buying a property to renovate it to resell it for profit, twice in the same year, and opened an entity to do it in ....is going to be ordinary income and not capital gains. 

My wife and I file taxes jointly in excess of $300,000/annually from our W2s and another $50,000+ from businesses. 

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

Wishing you the best on that first deal!

For me, taking the CPA exam was a transformative experience—it taught me more than the 30+ credit hours I spent in college level courses on accounting, tax, audit, and business law.