If you want to buy something else, within 45 days of selling you must identify 1-3 properties (you can identify more but then you have to buy more and things get complicated.)

@Mary JayJeez, I'm impressed with my colleagues' skills to complicate such a simple question.- There is nothing wrong with transferring money from an LLC account to your personal account.

Doug took over the complicated one as a previous firm had created issues that needed work, IRS issues.

This can get complicated, as stated you can only capitalize the repairs in 2018; however once you have it ready to rent you could have a cost segregation study done to re-allocate according to personal property, land improvements, land and building to get approximately 30 % writeoff of total spent...But only works if you can use the loss....usually passive loss limited to $25,000 in losses.Unless of course you can qualify as a professional real estate investor, then your losses are unlimited.  

So that means $19k of rental income replaces ~$25k of wage income.Of course, there are other complicating factors, like the depreciation of CapEx, but this gives you a rough idea.

It also gets complicated if your parents die with debts and they own the house you live in.I would use the 60 grand you have saved plus whatever other money you can save and put down a a down payment on a house you can afford.

The property does actually fall under 2 townships which might complicate this a little.

Hi @Britney Beverly, It's a little more complicated than a wholesaler buying the house, although sometimes they do.

Being that it was my first investment property I learned way too much to fit here but the main take-aways are:-Outsource complicated renovation work to a professional instead of doing it yourself.

Personally, I think it sounds too complicated.