If you live in it at least 2 years, you have the option to sell within 3 years after move out and not pay capitol gains taxes on up to $250k in profit as a single person.

I think the bigger question for you now is whether the time feels right for getting started on your first BRRRR.If you were ready to get started, but were short of your all-cash goal of $80k, there are loan programs that can finance lower purchase prices in the Detroit area.

Also, feel free to reach out directly if you have any other questions or would like to discuss anything. 

I imagine there are a lot of 3/2 that probably sleep 8-10 and if you can offer a slightly larger bed count and a cool game room/theme room you can differentiate yourself a bit from your competition and get some extra revenue through slightly higher rate (extra person fees, etc) as well as an overall higher occupancy. 

We can't tell who the person is that's offering this to you.  

If someone injures themselves and sues, they will be suing the LLC and not you personally.

Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped.

3) If there is any Investor Friendly Agent in the area feel free to reach out.

This would be our first rental and I think it could be a good opportunity long-term, but it feels like there’s some red flags here.

Regular reconciliation of accounts and maintaining a clear separation between personal and business finances is crucial.