@Jay Hinrichs This was my initial thought and I talked to my accountant and he said that I could potentially rent it out for a couple of years and still pay no tax.

Account Closed No I am not yet in my option period yet as the seller hasn't signed my offer (which was accepting their counter from my original offer with a small caveat) but wanted to take a step back first before taking any further action.

The sell now price is substantially higher than the capital account value we would start out with but would allow us to get into multifamily. 

I opened a business checking account with my local credit union, but I don't think they're going to offer as many solutions to real estate and business lending in general as some of the other banks in the region can.So, I want to establish a relationship with another local bank now, to build on that for a while to help when I'm ready for more lending. 

Just mail him the legally required return of the deposit and the accounting statement for what you deducted, along with any necessary invoices/receipts, and be done with it. 

As soon as the bank account is set up?

Hey Account Closed,Here are some resources that may help you - https://www.youtube.com/watch?

That's a question only for your accountant.

I am looking for more buy & holds in my market and looking for a community where I can learn and be held accountable to push me to becoming a better investor.

I am mostly hung up on the LTV because I really need all the cash in my account for security.