@Natalie Kolodij As long as the parking spot also meets the two year ownership and use requirements, I'd be inclined to treat it as a sale of partial interest in the taxpayer's principal residence under Treas Reg §1.121-4(e)(1) by filtering the definition of "dwelling unit" from IRC §280A(f)(1) that @Steven Hamilton II sourced above through that treasury reg paragraph.OP should engage a tax professional and not crowd source tax advice. 

If not, I'm curious to learn about how you started and where you are now.Look forward to engaging with y'all!

The lease was soon turned over to me after my friends engagement and I informed the owners of my intent to buy if they were willing to sell.

(single, engaged, married, kids?).

Is there a better option for keeping track of LLC financials (without engaging a bookeeper)?

I also learned what the term "skin in the game" really means!

It's part of our lease - and no tenant can move in without providing the coverage has been engaged.  

As a buyer, you don't pay any real estate commissions so why not add bench strength to your search and engage a realtor who will search foreclosures, short sales, good value properties based on your criteria and pre-qualification amount. 

I am an avid learner and have been reading, listening to podcast, going to meetups and maintaining spreadsheets/models to better understand how the multifamily world operates.My goals & objectives:Build my network/teamClose on a quadplex before the close of 2020Help others however I canContinue learning and building my portfolioAchieve financial freedom before I am 45 years oldI understand that real estate is a team sport, so I look forward to meeting and engaging with you all!

I like engaging with like minded investors.Duane