Posts like this are part of my journey to learn, network & connect with experienced professionals like yourself who have valuable insights to share.I also want to apologize for the late response—it’s been a busy few days, but I didn’t want to miss the chance to thank you for your input.Looking forward to learning & growing in this space & who knows, maybe one day I’ll be offering you in on an investment idea or I'll be the one offering advice to new investors!

Take advantage of its valuable resources to further enhance your knowledge.Remember, the key to maximizing your experience is to be proactive, ask questions, and share your own experiences.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

I’m excited to learn from this community, share ideas, and build valuable connections.

Hi Esther,You’ve already put in great effort, and your services are definitely valuable!

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

I would like to be in the partnership for the least amount of time possible but want to be sure I can present this offer as worth his time, which is very valuable. 

With the right due diligence, this could be a valuable investment, but only if you’re prepared for the legal and logistical hurdles.Good luck and blessings!

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

Or what are other tips to start gaining traction from the beginning?