A failure to make a 754 election will result in the basis not getting a step-up."

I'm not a tax professional, but it seems to me that by electing S-Corp status for your LLC, you have -- by default -- agreed to receive all compensation from your company.

@Bill F.I am the president of a real estate brokerage firm...we have never done a deal like this.

I've never seen a good option contract from any internet source or guru.An option, as Brian eluded to, is a sales contract with the default provisions taken out for the buyer since there are no requirements to close an option.An option should address every issue your local sales contract addresses, the whole idea of an option is to conduct a sakes transactions at a later date, but at the sole option or by choice of the buyer.Not addressing settlement agreements means you, as a buyer may elect to buy and then later have to agree how you'll buy.

Its not uncommon to be able to reach the bank's VP or president even, within a call / email or two.

I was hoping there would be some interest from the readers and we could learn were there is current hedge fund activity and were the Hedge funds stopped buying... ( like here in PDX they stopped 18 months ago) Starting this thread on a Friday night undoubtedly hurt your response rate, especially since it is valentines day/Presidents' Day weekend.  

MILLIONS of people voted for Obama ONLY because they wanted to tell their children and grand children that they helped elect the first black president of the US.I personally asked dozens of people, including my own children and in-laws, "Why did you vote for Obama?"

Kelly [Chairwoman of the Subcommittee on Oversight and Investigations] presiding.

this forum is very helpful, I've been reading and learning a lot.I'm in the process of looking to buy my first flip all cash.From my understanding, it's best to form an LLC with S-corp tax election to save on some self employment tax for flips.Section 1:This is going to be a single member LLC.

Locate the clubs website call and speak to the president and any vendors in advance, that will warm your reception up.Consider checking out HUD homes for small multi's owner occupied gets first crack.You might consider Niche or Specialized Housing like student housing.