If the 200+ unit complex has an acquisition cost of $10mm, a partner that contributes $1mm would be a 10% stake holder in the LLC, get 10% of the voting power, recieve 10% of the profits and 10% of the depreciation, and be liable for 10% of any expenses in excess of cash flow.3.

We believe this greater discount is due to the excessive inventory of distressed properties.

Allow the floor to air dry.

In many areas mortgage money dried up to the point where the majority of buying was being done for cash with no financing.

Yup...and the rest of the country gets to pay for the excesses when the idiot lenders get bailed out.

If the deal doesn’t close then I don’t get paid cut and dry.

So these need to be dried, treated, and sealed if present.

However, you can carry forward any excess (including depreciation) expenses to future years.

ONLY those amounts paid in excess of fair market rents will be credited toward the down payment for lending purposes and establish the LTV for the required future financing.

Anyway, here are the facts...Condo is vacant (and it is unfurnished).Was never occupied by me or my partner (altho I could say it was and who would know otherwise).Will either be sold or rented.Title is in a Calif S Corp (Dry Mountain Inc.)This is my money partner's entity that he set up earlier this year.Anything else need to know on this subject?