If it is not considered to be a disregarded entity, then you should wait the 24 month period that your tax advisor has recommended.I'm guessing that you do not live in a community property state, which means that an LLC with a husband and wife as the sole members will likely be classified as a two person LLC (as opposed to a community property state where you would be classified as a single member LLC) and therefore a partnership for income tax reporting purposes (not a disregarded entity).This creates the need for you to establish the 24 month holding period to demonstrate that the two of you have the intent to hold the property for rental/investment purposes.

@Brad Nosan Does your family concern focus on projects locally and is that your intention for the MF diversification as well?

I can't remember if I did this in the post, but my intention was never to make a deal inside the forum.

After reading a bunch of other forums on BP, seems like it's not worth the cost to take the seller to small claims court and it's a long shot to prove they were intentionally being fraudulent. 

If it is not accurate you should know from the current rent rolls if revenue seems way off; and they should provide you with current leases, if you can prove they intentionally misrepresented the numbers they are probably open to legal liability especially if the real estate agent knew. 

Although unusual for syndications, there is the 1031 option known as drop and swap, where a syndication LLC or LP would modify and transfer the ownership structure of its members/partners to tenants in common with sufficient hold time to prove intent to hold for investment for the exchanging owners. 

I'm happy with Appfolio and have no intentions of switching for any reason.

Please read the back story to get to the real question, or just skip to the bottom. ( sorry in advance for such a long post)I purchased the home with the intent of refinishing the hardwood floors that were under the existing carpet.

However make sure you arrange everything with your mortgage company and they know your intentions.

Fear paralyzed us of our dreams and goals, take a deep breath now go forth