Generally, the states tax code taxes you on the recognized taxable gain and since the Federal code allows you to defer the taxable gain their is no tax to compute the state tax on. 

Above all else, just be yourself and you will come across much more genuine than if you are trying to memorize a script.

Quit claims are not recognized by most title companies in Texas, so you would be well served to use a special warranty deed drafted by an attorney.

That approach seems moreg genuine.

Suggest you start a new thread, after completing your BP profile and uploading your face picture so we can recognize you, not your child or pet.

@Mark SpidellAssuming you followed to your LLC Operating Agreement when you bought out the shares of the other members and you filed the appropriate forms with the Sec. of State (depending in what state the LLC was formed), you would not use a quit claim in Texas since few title companies will recognize them.

Even if someone gives you a contract, when you get to the point of having to use it, you need know how to contract, what has to be there, you need to know how to assess the value in that market, recognize costs of holding and repairs, what questions to ask an owner.

It provides a good way to recognize a good deal from a bad one.  

Seasoned investors recognize that list price is irrelevant.  

As @Joe Villeneuve indicated, you have to analyze REAL data and insert those real numbers into the analysis.But, the real value of the rule is to recognize that -- assuming you're include management costs and all other typical costs -- if your data suggests that the number is less than 45%, you're most likely missing something.