Fast forward to the end of the deal and we have been trying to get  payoff letter for weeks to no avail.

We repeatedly explained that it’s not done that way in New York State: here, you send in your articles of organization to a state office and they send back a letter with a state seal acknowledging they received the documents.

The property is paid off so you have options.Based on what you’ve shared, you carrying the note sounds like a viable option.Have you considered seller financing?

@Carrie Matuga I thought you might be interested in this thread.

You have the means to purchase and intend to offer owner financing (you) to the buyers of your lots.That sounds pretty straight forward as long as you are able to carry the loans and deal with any defaults.I don't have a background in raw land deals, so that's all I got.Thanks for the feedback and I will keep these things in mind as I move forward. 

Incurring losses every year will mean that the losses will be suspended and carried forward and will offset future passive income.

Assuming you are both working and the rentals are long-term, rental losses up to $25,000 can offset W-2 income if your MAGI is under $150,000, with excess losses carried forward.This post does not create a CPA-Client relationship.

The current way the studs are built is not up to code, so they have to rebuild the entire structure of the kitchen wall This is not uncommon especially when renovating an older home and when budgeting you should also carry a very heavy contingency for unknowns. 

Make sure you ask them good questions, make sure they carry insurance and that they are available year round. 

We repeatedly explained that it’s not done that way in New York State: here, you send in your articles of organization to a state office and they send back a letter with a state seal acknowledging they received the documents.