I can't read the doc.s, but what likely happened is:You transferred title to Preferred Housing Solutions, subject to your mtg (they have no liability for your mtg)Preferred solutions resold the property to Laura Seton, with a down payment and a mortgage to Preferred Solutions.When and if Laura Seton ever pays off Preferred Solutions in full, your mortgage should hopefully get paid off.Not a good position to be in for you.

in my opinion using an LLC isn't about the lending piece it's about the liability piece, making sure that a law suits both from future tenants don't affect the rest of your holdings as well as if one of your partners gets sued it won't affect your share of that partnership!

And both the city and the state have one of the most underfunded pension liabilities in the entire country as a state and a city.Thats not typically the type of 1-2 punch people would look at when choosing which state to invest in.2) On the plus side.

That's why newbies need to be represented, they often don't know what the can or can't say and it can cost you.Now, if you know the ins and outs of brokerage representations and elect to go it alone, a few points:remind the agent they have less liability in the deal as they don't represent you.remind the agent their broker isn't splitting with another broker.remind them the deal will or should go much quicker with only them facilitating the deal, they aren't waiting on a buyer's agent to coordinate settlement requirements.and, remind them that you have less recourse toward their activities as they are only responsible for facilitating the requirements, if you didn't see the three foot hole in the kitchen floor as you stepped over it.....tough!

I'm in the process of everything but I'm bringing an electrician out to the house to avoid any future liability if something happened to the next family living there.

As for buildium - if you record the transactions correctly you will have an accurate Cash flow statement to look at - it will not take into account anything you have paid towards principal and subtract that from  your noi provided you make the entries correctly and have the chart of accounts set up correctly.So the tricky part is recording the initial entries - I'd actually suggest if you plan on making the move "Officially" Jan 1 2016, start now and enter all transactions for 2015, and 2014 (if you can) into Buildium - it will make the flow go so much smoother and you can learn as you go, insuring you are setting up things correctly as you go along.To record a mortgage in place, just follow their tutorial - (customer service might even walk you through it as well)First you need to have the appropriate accounts set up on the "Chart of Accounts"You could do it any number of ways - one way I'm doing it is -- have a main account titled "Mortgage" under liabilities  (long term liability)Then a sub account of Mortgage titled "US Bank Mortgage"   "XYZ Bank Mortgage" -- or "Mortgage - US Bank" etc -- Then you will want an account for "Interest" under expenseThen under Assets you'll want an account titled Escrow - then if you want to further track things I'd suggest setting up a sub account titled "Escrow - US Bank" or "US Bank Escrow"  or "XYZ Bank Escrow" etc    (Escrow would be a current asset)After that you'll need your current mortgage statements -- to start the books you'll need to enter a general journal entry for Escrow, Interest, Principal (Mortgage)Once you have that you're off to the races and can enter the mortgage payment each month, however you'll need to know the breakdown of Principal, Interest, & Escrow - for example the entry in your bank account will look likePayee -- US Bank -- you'll enter the date etcThen below you'll have the breakdown of the total where you'll enter $400         Principal$300         Interest$150       Escrow-------------------------------At the bottom Buildium will automatically add up the totals to whatever your house payment is for the month -- in this case $850Hope this makes sense -- best thing is to just play around with it a bit and keep checking yourself on the entries and in the general ledger -- your mortgage payments have to be entered manually every month, however this takes little time if your mortgage company offers online account access and gives you the payment breakdown - can be done in a couple minutes.Get over the biggest hurdle which is setup and the rest will be SO much easier.  

A closely held rental company what is the real value once you take the liabilities againts the fire sale value of the homes.  

+ $45,000 basis in property contributed-   $1,000 liabilities assumed by you= $44,000 beginning tax capital accountAnd is your beginning tax capital account (not tax basis) as follows?

This is primarily for their benefit but there is usually Liability coverage that benefits you the landlord if they are "negligent" in their actions and this causes damage to your property.  

For example, a servicer may be required to have recorded phone conversations kept on file, they have time limitations in answering inquiries, records of borrower interaction are required and the note holder carries the liability for compliance. :)