It will be adjusted under audit or examination with substantial understatement penalties (because it's a frivolous tax position), and the courts will agree with the Service here.Third, if your LLC taxed as an S Corp owns the property, you ruin your Sec 121 exclusion, and probably your homestead status for property taxes.Please consult a competent tax advisor.

If you look it up on the auditor site, that transfer was 5 total parcels,  30-36 eureka is only one of the 5 that transferred together for 378k 

Also check the auditor site and make sure it was just a single property transaction.

The auditors website lists the property in tax foreclosure with the original owner (deceased) listed.

I started by pulling lists off of the Franklin County auditor's website and skip tracing them.

The Auditor didn't have that resident in as a unit.

Here is an excerpt from that thread (page 5) that I think will help you:I have had some inquiries on the format of letter that I used to make contact with owners of multifamily properties that I found on the auditors site.

Heck, I was at one where a guy was kind enough to stand up, interrupt the presenter and say “I’m an accountant, frequent CRA auditor contact/ consultant, and what you just described is completely false according to Canadian tax law.”The crickets the arrived after that were friendly.

You may also be able to get lists from your county auditor depending on your location.

I honestly feel the fees are way to high, and don't understand my advantage to include the utilities in the rent.6 plex - 180KFrom them:Financing: 25% down, 25 year term, 4.0% rate (long term loan after renovation complete)- Closing cost: $2k- Property tax: $1149.40 (From auditor’s website - 2020 payment amounts made)- Insurance: $1980 (Assuming 1.1% of value $180k end value - ours runs right at 1%)- Maintenance: $1800 (7.5% of no-utility rent.