In order to do that we also had to change ownership out of the LLC to the individual partners on the properties and agree to a stipulation that the properties would not be transferred back to the LLC with the understanding that if we did the loans could be called due.

A quiet title action is not to extinguish legitimate ownership interests.

Notwithstanding the above comments (which I agree with), to answer your underlying question (disregarding the effect of depreciation and recapture):Gain = $31K - cost of sale (commissions etc) - any capital improvements made during ownership periodIncome each year = $19,200 (assuming zero vacancy, substitute with actual income collected) - interest (NOT principal) - taxes - insurance - utilities - maintenance - any other expenses

Your first step is to check on the ownership via county records.

The property is in Colorado and a lease does survive a change in ownership.

The single family after ten years of ownership I sold at 40% of what I paid for thr property and at sale it was pretty beat up by bad tennants, however I didn't loose money on that unit at least I broke even.

Depending on exactly how you do it, you have a contract to purchase a property, an option on the property, or ownership in a company that has one of these two.

The recordings done as part of the closing will get the ownership changed in the assessors records.

Think about Seniors with 20+ year ownership.

@Bill Krayer My concern mainly stems from two places: 1) If I'm in the business of getting properties under contract with only an intent to assign the contract to another party it can be argued that I'm committing fraud since I'm entering a contract with no intent to exercise it. 2) When I perform the actions described in bullet point 1 it can be argued that I'm performing a net listing because I'm agreeing on a price with the owner of the property and then I am agreeing on a separate price for a higher amount with a 2nd party.The wholesalers I know in my area perform a double close so they don't have to worry about this since they are taking 100% ownership prior to listing and selling the property.