It will be in the lower 400's.

My question is why would someone set up an LLC and elect to be taxed as an S Corp instead of just taking the S Corp election via a C corp?

Steve,The original poster says that s/he is concerned about what the seller is not disclosing because there were previous claims and is even asking about suing for a false disclosure.

@Arthur- You nailed it.I wrote a BP Blog post Monday about Sam Zell.He thinks that 2012 will be tuff on investors trying to refinance in a falling market.Mark, we are in for a bad year.In the mid '70's-80's, I owned rentals.

Such as how long from one to the other and what means of acquisition(s).

Sorry, I should have specified - there is no HOA, the TH's were built in the 50's.

Could that just be part of the contract that due to the conversion(s) contract contingent on ability to insure with conversion(s).

The buyer does then "own" all rights to the position in the contracts, even though their name(s) aren't listed on there as the buyer (they have the assignment docs & all the disclosures that prove their ownership).But what I recommend doing is having the attorney print out an additional set of docs (with identical terms) so the new buyer can sign that set with the seller directly (sometimes some utilities require the tenant buyer to show a lease between them & the seller directly).

@Steven's remarks....Steven, what is the tax implication to the LLC if Mark chose his entity classification election (via 8823) as an S-Corp?

Ask to meet with them and talk about the business, and about their building(s).