Then, you are able to sell that note w/o having to worry about a seasoning period because it is not a cash out refi.I think I follow most of this process (please correct me if I have the above incorrect), but I struggle with understanding how the note to the LLC needs to be constructed in order for me to sell it to a lender or a private investor.Most of this is based on a strategy by @Andrew Postell

@Dmitriy Fomichenko has it correct.

It appears that it is in a chunk of land that is outside the city limits (but surrounded by the city limits, if I understand the zoning map correctly). 

Unless you are in a tight spot you’ll get “market value” when you have the largest market bidding on it.

That said, @Irfan Raza is probably correct that your best option for tenants are students.

At BP, Justin, you not only learn how to get deals done correctly, but also have an opportunity to network with other real estate investors and learn from the informative forums posted on BP everyday!

This gets mentioned often... and while it isn't wrong per-say it's not entirely correct.

I also manage projects from a distance for work and feel confident in implementing similar strategies for the systems and resources required to remotely manage the properties correctly...but I'm still preparing for hard work.

The same thing in parts of L.A too that used to be “gang areas “ but now hipsters are getting into bidding wars over properties . https://www.nbcnewyork.com/news/local/Realtor-Hot-Spot-NYC-Realtor-Yelp-NYC-Rochester-Buffalo-450315393.htmlhttps://www.newyorkstatedestinations.com/explore-niagara/elmwood-village-hipster-hotspot/http://www.wivb.com/news/local-news/group-speaks-out-against-gentrification-in-the-queen-city/1083119084.

If I cannot buy land and I am left with the 70k, I will have to pay what they call the boot, am I correct in thinking that I will have to pay  (let's say capital gain is 30%) capital gains on the 70k?