And, in the Covid world, sending anything by mail to the IRS is a very bad idea, period.The only sensible way is to submit your 1099s to the IRS online, however not directly with the IRS.

The Quit Claim Deed take about 3-5 days to close and you get a wire transfer into your account direct from the title company!

Please feel free to send me a direct message.

There are free tools online everywhere, but basically you want to do the following:Gross Potential IncomeLess Vacancy= Gross IncomeSubtract the following expenses:Real Estate TaxesHazard InsuranceLiability InsuranceMaintenance (yes, even if you plan to DIY)SuppliesProperty Management (yes, even if you plan to DIY)UtilitiesLawncare/Snow removalLegal Costs (evictions, LLC formation/maintenance)Bad Debt (non-paying residents)City Occupancy LicensesPayment processing fees (for debit/credit cards)This will get your Net Operating Income.Then subtract debt service. 1st mortgage2nd mortgage (if applies)Line of Credit (if applies)This leaves you your free cash flow.

Please reach out if you need a push in the right direction. 

. - To answer your question directly, the calculation is based on what you actually sell it for, not the FMV. 

Feel free to email directly if you want more information.

Example: receiving rental income that should be for your LLC directly into your personal account. 

That's why I've asked here, to see if anyone has personal experience with them directly. 

I can't speak directly to the draw for MTRs in Augusta, but I imagine the same dynamic works there too.