. :-)3) you’ll want to talk to a tax pro about if you should have or were required to keep taking depreciation after you stopped renting it out.

With a newer property like yours there should be very little day-to-day management required.

The replacement property you are looking at would be a great replacement to meet your reinvestment requirements. 

Abdul - Proof of Funds (POF) is used when making cash offers and is as simple as printing out your bank account balance showing that you have the money in your account/name to cover the cost of the purchase.  

@Cora Gilmore they are legally required to give an owner a 1098 for ALL funds collected on behalf of an owner.

Speaking as a lender (not investor) with some experience in small balance commercial lending, I can tell you that it is likely going to be tough to find financing most likely as a lot of commercial lenders tend to stay away from churches, although could be more favorable if the building is true retail/office rather than a structure built specifically in the style of a traditional church (i.e. hard to transition to other tenants if needed)

Also the understanding of what filling the building again and any TIA that will be required for that lease up needs to be considered.  

The electric company installed the new meter for free after giving me a credit for adding laying the conduit required for the 200amp to 400amp upgrade.As for the 1/2" (non fire code) gyp, my understanding of the code is that a 1 hour rated assembly is required between "dwelling units."

My goal is to create a scalable entity structure that balances general risk and tax liabilities. 

I thought going in that we would start an LLC but have come to learn that LLC's have very limited lending options for real estate and that our LLC would require us to file taxes as a business because there are 2 of us.