First, the owner must have had the intent to use the property for a rental, investment, or use in a trade or business.

I'm devouring the podcast.I'm a yoga student and teacher by trade and passion, with a background in marketing and advertising (first in the corporate setting, and more recently as a freelancer/entrepreneur).

My plan was to live in it 2 years and then sell it with no tax consequence.

I haven't dug into historic preservation, but I'd assume the trade-off to historic preservation tax savings would be limitations on demolition, which could restrict your buyer pool when you sell.

My mate plans on keeping the Deposit out of spite; what kinds of consequences should he anticipate facing from this action?

I am a jack of all trades, master of none. 

Earlier I saw a post in the BP creative financing forum about someone who was looking to purchase a home using bitcoin, but hesitated due to the consequences of liquidation (might shift the entire market). 

@Ashley WhiteOne more thought just came up tooMasonry is not a trade where there are tons of qualified people running around. 

Is there tax consequences to converting these properties that were sold under my individual name into an LLC  ?

In short, the Department of Justice and Federal Trade Commission view MLSs treating certain listings (e.g. entry-only) differently than others (e.g. exclusive right) as anti-competitive behavior.