We had the existing tenant sign a new lease prior to closing at $1050 per mo, tenant pays all utilities including water and shovels/mows. 

@Michael Floskis I can recommend a few, who I've used personally on deals and who have presented at our local real estate group over the years.Any good attorney will not only help you with the setup of the LLC but give you instruction on how to properly maintain the entity going forward.

If there are design or structural issues or consolidations you will want to talk to some architects and or engineers for proposals prior to meeting with the GCs 

Bathroom can be demo’d in 2-4 hours and a toilet reset for interim use prior to flooring being installed.

If a QI is willing to wire funds without a 45 day list in their hands they are acting on your instructions only and have given you constructive receipt of the money (because they are willing to move funds on your direction only).   

Anyway, if you want to read more about this and all the requirements and exceptions, you can do that here: https://www.irs.gov/instructions/i1098

If you knew the roof may have needed work prior to the inspection it may be best to try to negotiate for part or half of the cost.

For example, if the accessed value is $400K (a real possibility if it has been owed since the 1970s), the prop taxes will be less than $5K/year (prop tax is safe to assume no more than 1.25% of accessed value (there may be somewhere in the state that is higher than this but this is safe percent to use)).So you may want to determine the property tax due before worrying too much on if they have to be paid prior to assets being dispersed as there will be numerous other bills that will need to be paid prior to the assets being dispersed (utilities, gardeners, etc.).Good luck

At this point, regardless of your other income, all prior and current year losses for that property are unlocked.6. 

What is presumably a good method to gauge the amount of equity in a deal prior to purchase and rehab?