I am in late 30's so no where near to retirement.

and give them first shot for a few days then hit the other #2's in order of what seemed to be their preferred market places by zip code.

Let this be a lesson for newb wholesalers/investors out there doing an S-corp.

We also assume we are targeting the right area(s).My question to all those viewing this is: when did you close your first deal?

Jeff S. thanks for asking the question.

A wholesaler could actually NEVER have a loss, so this shouldn't be a concern at all.Great point, if a rehab flipper, then yes, a concern, but s a wholesaler, the whole point is not having any of your own money at risk or in the deal, thus no way to lose.

I think the both of you are saying that the lender on the HELOC (house 'A') could possibly come after my other house(s) or, if I "carry the note" on house 'B', the bank would be the recipient of the monthly payment from my tenant/buyer until foreclosed deficit (from defaulting on house 'A') is reached and/or, my wages could be garnished.

Being new to this industry and my market, i thougt it would be best to put it under contract and wholesale it to an investor who rehabs this type of property.I contacted a fellow investor that i had met s few times and told him about the property and my intentions.

There is a deed which grants ownership as I described and a Co-Ownership Agreement that says they get the upstairs and we get the down stairs and defines some general obligations.The agreement was drafted in the 80's for our respective parents.The language is vague and poorly written for it's intended use.With regards to FMV of the rents paid to the LLC, I have no idea how they are substantiating the claim.I am very interested in your assertion that the existing form of ownership would not qualify for a 1031.

Basically move in ready meaning maybe it needs $5000 or less for any cosmetic fixes, new appliance(s), or the like.Flipping doesn't seem like the route for me as I have no construction experience, therefore labor costs would offset most of the gains...or am I wrong?