See a lawyer and pay for professional advice.

The seller wants to sell it for $50k but has requested to put it down on paper for $5k, so he can pay less tax; the remaining $45k would just be given under the table. 

Purchased for kids future/college fund (maybe relevant maybe not) Mortgage rate is 4.4% currently paying $1149 a month (including taxes/Insurance)Currently rents for $1550 (room for upping rent to $1600+)In the 2 years Ive had it, Ive added a roof(insurance claim),new windows, new bathroom, plumbing.

Even the house is fully paid off, the 1% property tax + 1% maintenance offsets 2% annual gain.

At 25% down I’m looking at roughly $2300 for principal, insurance, and taxes per month on a 30 year loan at 7.6%. 

Landlord friendly, low taxes, and major tech and manufacturing job growth coming down the pipeline. 

However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?

Let's say your taxes are 2k per year and insurance is 1k per year. 

. • Property Tax @ $2,950/year. • No HOA. • 12 month lease in place as of 10/1 @ $1,395/Month.Thank You!

Instead, I have tons of extracted wealth that is tax deferred ((owed when I sell).