Leland Barrow nailed it

Finally, if use of 1031 exchange treatment is part of your plan, there are issues that arise when an LLC is involved which must be considered.  

I have been a long time lurker on BP and have decided it's finally time to get interactive with the site.

Final thoughts - get at least two contractors to give you a bid and make sure the contractor you hire is licensed and has a positive history of good work.   

We tried to get it on the market early December but we got nailed with snow all winter it felt like in Maryland.

Finally take both your Purchase & Sales agreement (between you and the seller) and the Assignment-agreement (between you and your buyer) to your title-company or closing-attorney.

Not sure how much your paying for land, but with a final value of $275k, I would personally not do this deal.For perspective, my last two deals worked out as follows;1) 3/1.5 duplex, 2450ft2, total cost $200k, pre-construction appraisal value $223k, post construction appraisal value $216k, $39k of cash stuck in the property at refi (75%LTV), sold 10 months after completion for $245k2) 2/1 duplex, 1780ft2, total cost ~$179k, pre-construction appraisal value $230k, still under construction, estimated $10k (my construction loan is for $172k) at refi (75%LTV).

I've been following BP for a couple weeks now and finally decided to do my brief introduction.

I started looking for a mentor and finally found someone who is willing to take time and work on the computer with me teaching me different strategies.

By leveling with them, giving them their deposit back, and as a byproduct possibly prevent the final destruction finale because the landlord isn't so bad.4.