I find out today or tomorrow what the IRS excepted my business name to be.

@Dallas Jacobsen Just one more thing, you may qualify for the Homeowners Exemption under Publication 523 of the IRS code (https://www.irs.gov/publications/p523/index.html) but you'll have to pay capital gains tax on the depreciation recapture that the IRS requires you to take as part of your annual tax filings.So, let's say you've taken $15k in depreciation since converting the property to a rental.  

like all businesses, you have to keep track of EVERYTHING. when the IRS sends you one of their famous letters, you shouldn't try to tell them....

Go click around the IRS website if you wish.Fannie/Freddie are following the tax code.

The IRS will treat the LLC as a partnership for tax purposes, so you will need an accountant to provide you with K-1 statements at the end of the year. 

To make matters worse, the IRS seized all my assets, claiming I'm trying to leave the country illegally with more than $10,000.00 in assets – meaning the animals.”

You will cut a check to the IRS for $4,900, leaving you with $9,100 or a after tax cash on cash of 9.1%.

I graduated with a BS in Business Management last May, and have since hopped between a few jobs, failing to find anything that I could be really engaged in.When my stepfather suggested that I get into a real estate deal with home upon moving back home (was in San Diego for about 6 months) I agreed to the idea, thought about it, and did a little research.

Here are some rough examples: assuming the 1st lender is foreclosing, the 2nd lien such as a HELOC will get wiped off the title while the IRS and FTB liens have 120-day rights of redemption.

You need to see his IRS tax return on these properties to verify the profit and loss.