However, we held them, improved them, amortized the loans over the past 9 years, and are now unwinding and putting the excess equity toward amortizing mortgages on existing buildings. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

that estimate seems excessive.

(and place it "at risk" I'm assuming )    Assuming the deal is at least  "average"  for a high end , lower cap rate facility, and assuming that cash flow is sufficient to produce excess "cushion" cash flow at the end of every month -   is this too much net worth to tie up into one property?  

Not billing tenants for water and sewer reduces net rental income, especially if you are unlucky and get tenants that use an excessive amount of water.

That seems excessively high for only using the money for a day or two.

A property with no current income, no reasonable expectation of future income given rehab costs well in excess of the ARV, and a constant cash burn due to property taxes is worth at best, ZERO, and more accurately, a negative amount.In which Detroit neighborhoods did you see vacant residential lots selling for $3000?

If it is, see the Table 1 Instructions for line 13 for an explanation of how to allocate the excess interest.

What would the financials look like if I got mortgages Say in excess of 400k.