I was just saying in my post above that it's important that your accountant does taxes...PLUS be an advisor (which is where accountants bring the most value).To answer your question:I am assuming you are talking about a fix & flip, rather than a buy/hold.This will not go on Schedule D because you aren't selling an investment with capital gains/losses - you are selling a piece of inventory so there are no capital gains.

But if the property is worth $220k I doubt the bank will take a $70k loss assuming the alternative would be to sell it normally with realtors and have other holding costs.

Thanks to my reading, I have never been caught flat-footed by any situation, never at a loss for how any problem has been addressed (successfully or unsuccessfully) before.

What is enticing to one investor might not be for another one, so is a very difficult question to answer with such limited info.Also, I don't have experience with multi-use resorts so I'm not quite sure about what is a "typical" structure used in that niche. 

A Profit Loss statement is nice, but I'd like to get more detailed.

They only limit creditors to the assets of the LLC if it becomes insolvent.

The ROI is the first recommended analysis to be worked out before you go to closing even before you start negotiating because if you close and have not confirmed cash flow it's just more loss.

Then develope an exit plan to limit your loss.

And the loss is a lot more than the 5 or 10K you saved by not using an expert.

P2P income tax rates are higher, and treatment of losses is less favorable.