Can I use Buildium for bookkeeping including tracking all transactions per LLC including mortgages and can it produce detailed reports at tax time?

Hello everyone and happy tax day!

There would still be the transaction (tax) effects if using it to purchase the propertyA non-gimmick situation however would be borrowing against your BTC in dollars so that you don't have to sell anything and see the tax/transaction effects. 

Review the seller’s maintenance records to identify any existing issues or potential problems.Do your financial analysis to factor in the current rent, estimated vacancy rate, maintenance costs, property taxes, and insurance to determine the property's projected cash flow.

This seems like a waste of the very advantageous LTCG tax bracket (I'm not concerned with state tax). 

Its not a sale, no money is being exchanged.Can this be done without paying the Florida tax of .70 per $100?

You're looking in the right place because TX is going to appreciate much quicker over time but the cash flow won't be as much since the taxes are higher.

You'll also owe the 5.8% Idaho income tax on top of that. 

Guys I read a couple great posts here about HELOC for self employed businesses were there are many write offs to show an income on a tax return.  

Keep in mind you will also likey be paying transfer taxes on assessed value of the property in order to complete the transfer even if transferred for a $1 or a "nominal amount".