I work for a major food manufacturer and finally received the kick in the *** I needed once we were acquired by an even bigger food manufacturer. 

@Jay Hinrichs I believe anyone trying to sell their home can go on Zillow and receive and compare instant cash offers from investors, like invitation homes, etc. 

The P&L I received from the owner could have been written on a napkin and glosses over repairs made to the water/sewage line--the current owner says "costs varied" because he was able to do a lot of the repair work himself. 

I was thinking yes, because it would make sense for him to still receive his "20-year loan" payment even if there is no tenant. 

How many quotes to receive?

If you own a property through an LLC, you won't be able to receive any tax benefits for owning a primary residence (mortgage interest rate).

However, I just received a contract on it last night!

Great response and i'm very happy that my first post has received such a knowledgeable veterans inputTo answer your last question of would it be really shady that it's so far below market - what i'm noticing is that they are giving me pro forma numbers (best case scenario) to make the place look like a good deal, and my concern is that if the rents were too far below that, there may be a reason that they are hiding for it.

One possible structure would be for the LPs to receive a preferred return, and then any residual profits would be split between the GP (you) and the LPs. 

Received a $1M offer on a 16 unit building that I purchased back in March - leaving me with a nice profit.However, I am expecting 30% in short term capital gains between the state and federal and a prepayment penalty of $6000.00.Thus, unless I can 1031 into another deal...this transaction may be tough to put together.Any ideas on how I should source deals and find a way to defer my taxes?