Assuming you get a P&L share it with your accountant.

A 1031 is very easy to understand and most can be found online for free or through a phone call to your accountant or a friend who's an accountant. 

After you form it at the state agency you’ll need to get an EIN number from the IRS (you can do this online at IRS.gov) to be able to open and bank account.

. , I've been studying, watching podcasts, reading everything I can get my hands on but I was still to scared.

Partnerships are easy to get into, not always so easy to get out of.I occasionally listen to a podcast done by an attorney and accountant named Refresh Your Wealth that has covered partnerships a number of times, most recently this past April in Business Partnerships – Do's & Don'ts so it might be worth a listen.In any case, congratulations on working on your first investment property, and be sure to say hello if you come to the next RIREIG meeting!

Account Closed - Thank you for the info!

Account Closed I see it is your first post so welcome to BP.I think that is probably a deal.

They are pretty aggressive with their marketing - as soon as I signed up for a free account, I started getting e-mails about once a day telling me how much value I could get from a premium membership.

We bought it with conventional financing and immediately transferred it into an LLC we setup with its own business bank account and such.

Account Closed is the property zoned as a commercial property or did they just ask to have it changed?