Making some money on the side while doing this would be fantastic, but I'm more concerned about the education to be gained from the opportunity.My rough plan is to gain enough experience to become a wholesaler myself, and use the profits from that to jump into REI (Single-Family homes and Multi-Units) with a strong foundation.I'm currently residing in Cumberland County, more specifically the Vineland/Millville area.

-I will gain $3900 for the 6 months as the note is now performing.Questions: 1.

Purchase price: $235,000 The current 11 Home SFR Bulk REO Portfolio is offered As-Is and has ALL BROKER PRICE OPINIONS and TITLE (O&E) Reports Included.Asking Price is $235,000 (OBO)Total BPO Valuation of the Portfolio is $392,800Based on BPOs Estimated Equity Gain Total at Purchase is $157,800 What made you interested in investing in this type of deal?

So they can lend to LLC's, maybe ignore income...all sorts of benefits to these loan types. 

I am trying to determine what capital gains tax will be since it was inherited.

I was actually thinking of splitting it and managing one myself that way I can gain more experience. 

@Cornelius Garland I appreciate the advice and being able to benefit from your experience. 

I’m only taking half of the profits, but I’m also paying for half the deal, working half the time, and have the benefit of added motivation to meet my commitments to both my partner and the business.  

The guy probably does have something going on in his life but that's his loss and your gain

If next year, I decide to 1031 exchange this rental property into either one or two investment properties (equal or more in value) would the amount used to pay off the HELOC be subject to capital gains tax?