Philadelphia's BIRT & NPT are easily filed online, and are both relatively de minimus taxes, especially given the high CAP rates available in Philadelphia compared to NJ, and the comparitively low real estate taxes.

It is not calculated on the cash one gets out on the deal.If you’re ever in a time crunch and an accredited investor, I might recommend you learn about DSTs (Delaware Statutory Trusts).

   ( title fees, legal fees for prep the contract, recording fees, transfer taxes, title insurance, back taxes paid and others) All the improvements to the property will be added to the basis. ( unless you qualify for de minimus safe harbor of 2500) All the repairs done before placing the property in service is added to the basis.

And if you run out of time, you may want to consider a Delaware Statutory Trust.

Everyone else in my cul-de-sac has been there for decades and we are all good friends.

Quote from @Paul De Luca: @Faiz KanashSurely your friend could recommend some lenders to you?

I know that Eleena de L. has been looking in the market for properties - she lives there too. 

What's now popular is condo de conversions.  

The single member LLC (disregarded entity) would be registered in the state of WA in which I plan to invest in and the LLC with the s-corp will be registered in Delaware and will be the single member.

Delaware Statutory Trusts, Tenant In Common Syndications and NNN leases or Ground leases are the three most common real estate replacements that can offer the continued tax deferral of the 1031 but also allow the investor to move into passive regular cash flow.