I believe we have covered most of the needs in this post, but I was becoming unsure about an LLC.From a multi-person investment point of view, is an LLC still the best way to go?

Weather that's for swapping numbers to meeting in person for coffee.

Whenever a person is ready to sell, a thorough cleaning that gets in the nook and crannies is needed.

We spoke with a lawyer who advised forming an LLC to purchase the home to protect our personal assets.

Unfortunately due to personal reasons, I was not able to attend the event.

Another CPA can correct me if wrong but I don't think there's going to be any recapture here.27.5 to me implies 1250 property and if acquired after 75' means no additional depreciation to recapture.I think there would be unrecaptured 1250 in the amount of the depreciation taken previously, max 25% at ordinary rates.The total gain less unrecaptured 1250 I believe would be 1231 capital gains, not considering other factors like look back and netting rules.Also the land would be 1231 and would get capital gains treatment.And personally I would subtract selling costs as a capitalized selling cost.Amount RealizedLess: Adjusted BasisRealized Gain/LossLess: Selling ExpensesRecognized Gain 1001I could be wrong though so correct me if so.Article for those interested:Depreciation recapture in the partnership context (thetaxadviser.com)While Sec. 1250 only requires additional depreciation to be recaptured as ordinary income, Sec. 1(h)(1)(E) subjects unrecaptured Sec. 1250 gain to a maximum tax rate of 25%.

Buy the property in your personal name and get an umbrella insurance policy for protection.

All of them were performing and learned that any debt not 20 years out or so can be a risk..

Your contractor should have at minimum a weekly status update mandatory dictated by them. you need to make sure an in depth scope of work and evaluation is performed especially because you have little experience in evaluating these types of projects.

@Christian Nielsen for my personal project, i am building an ADU within the structural envelope of my existing SFR.