I am feeling overwhelmed at the moment so I am hoping for some advice and recommendations to help with my acquisition of a $3MM 40-acre property with an established $800K event business.

(To give you some numbers we are all in at 2.1 million and it appraised just shy of $3.2 Million)This was a seller-financed transaction, the terms allowed us to use the ground as collateral and I brought partners in after I got all of the city approvals, and they took over the future expenses for the seller financing note and the other costs like engineering. 

Tell me the other info and I can tell you how to deduct their home, property tax, house insurance and even expense their garden shovel and garden gloves.  

I've used Stanley before and had success in removing similar stains, but the house is huge and Stanely gets expensive with my large square footage.

They are expensive (don’t be fooled by the sticker price, on a per/lb basis all packaged and prepared foods are expensive) and are well…full of crap.

There’s going to be a lot more expenses - especially in older properties or ones poorly rehabbed. 

Fifth, elements outside your planning or control can increase expenses significantly; tax increases due to budgetary shortfalls, insurance costs doubling due to natural disasters, tenant damage beyond what the security deposit will cover.  

This often only makes sense on more expensive properties like an STR vs. entry level LTR.

3) since we will use a local property mgmt firm for marketing / bookings / rent collection, What business is the LLc in and what income and expenses do you report as those of the LLC (vs what do you maintain personally)?

To ensure that the title is insurable, the seller will need to take necessary actions, at their own expense, to deliver insurable title.