P.s I don’t plan on selling anytime soon.

According to the UDO, we should be able to fit 10 houses on the property, and they could each sell for $1.1 million.

You can have options to stay, sell, or continue as a rental. 

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.

You are a brave soul.I would (I did) sell and run....

Milwaukee has been very competitive, anything decent sells with multiple offers, the houses are old and OOS investors often don't understand how delapitated the place is they just bought.

This way the seller cannot sell the property you contracted to buy & then assigned it to an end buyer.

However, it is also a well done setup to funnel for selling his guru trainings.

When I'm selling as a FSBO, I usually use 6% as my seller's fees number - 5% split between 2 agents and 1% escrow/title fees.

We discussed selling or doing a 1031, but the commission would be about $50k, and we don't want to lose that now.