That way you know what type of loan you can receive and how it impacts you on your future purchases. 

About a month ago we stopped receiving hot water in our showers.

About a month ago we stopped receiving hot water in our showers.

(I’m also looking for RE agent and contractors to work on this project….PM me)I was shopping for Home Owners insurance and have already for received few quotes from my current agent (It seems high).

If I receive a small cash flow of $600+/month, that is nice, but mainly I want to do it for tax deductions against my personal income so that I ultimately pay less in taxes and earn more throughout the year.Assuming I have a single member LLC with the property under said LLC, when I go to do my taxes - TurboTax asks me "Let's See if You're a Real Estate Professional"So of course I have a few questions:1. 

Here are a few options:1)HELOC for repairs and flip it for profit2)HELOC for more rentals and hold current to pay off HELOC3)Seller finance to reduce tax obligation and receive. a large enough initial downpayment from buyer to use FHA for a primary4) Hold and use cashflow with the specific intent to invest all residual income5) Sell and take "Capital Gains" hit but purchase another property to help offset it6) Transfer deed to an LLC to remove it from Grandma's name (this opens another door of possibilities but may trigger tax increase due to transfer of ownership)I can go on, and others with different approaches can add to this list as well.

There's there's no specialized license requirements buying a partial is basically done by executing a receivables contract.

The key here is (1) the seller is motivated ( desperate ) enough to give up control of his property to someone who has little if any capital invested, while receiving no money upfront himself and still maintaining liability on his mortgage, and/or (2) the seller is convinced that you will be successful AND that his risk is small AND that he will receive future benefits.

I receive a large number of property offers through many of the major brokerages in the NYC Metro area but at this point I'm having trouble weeding through this many potential deals.

For instance, if the farm has "hot assets" (e.g. unrealized receivables, substantially appreciated inventory, etc) your FIL would have to realize ordinary gain from the sale and can't defer that through installment.A Sec 754 election needs to be discussed as well if you're buying out your FIL's interest but your BIL is staying on.A good CPA is going to cost you, but will save you far more than his/her fee by doing things correctly and efficiently."