I talked to my CPA about electing this year to be the final year to file these Partnership returns and K-1s and just move forward by splitting everything on our Schedule E's between the two co-owners. 

My goals include financial freedom and wealth like many.I come from a construction background and have a few ideas that i'd love help with in exploring.Interested in rentals, flips and new construction.Looking forward to meeting and networking with you guys, Matthew 

Everyone moves forward. 

Look forward to your suggestions!

That's why you want to see the contracts.If you decide to move forward with the offer, make sure to spell our clearly (Exhibit B ) under what conditions, you want to purchase the asset.

On the one hand you can see that on the day the transaction was completed they got all The money that was due to them based on the facts of that point, going forward they are not the owners of the house anymore so if we got a tax credit or a tax increase it does not really concern them, on the other hand you could say that they took the effort to do this and since that credit was applied to the year they sold the house they should have a prorated amount based on the months they lived in this house.The second question is why didn't the sellers lawyer contact us directly, as the lawyer we used for the transaction is not really working for us on a regular basis and is not our regular counsellor.

Sounds good @Ken Breeze, looking forward to speaking with you.

The wholesaler had to do a good bit of research and negotiating to get the property under contract.So taking wholesale deals, running your own numbers off of what's presented and moving forward would seem like a good way to at least have a funnel of potentials coming your way.

If you do move forward, I recommend hiring an attorney to structure the deal and protect yourself.

Based on that alone we can tell you if you should keep moving forward or just stopping right there.