My plan is to Airbnb all 4 of them to obtain a higher noi.

@Chad Hotovec,We are obtaining commercial loans under our LLC.But we are not transferring title back to our personal name,why are you doing that?

It took a hair longer than expected because the ex-tenant tried filing a motion part way through the collection process to stop the wage garnishment order I had obtained.

Then we could start preliminary work on the unit while awaiting the 60-90 days to obtain full renovation permits.

This is important because if you are going to be investing in time sensitive investments such as tax lien certificates or buying properties at auction, you need to have the ability to have the cash or write the check right then and there.

Therefore I enrolled in real estate school to obtain my license.

He was very smug and not helpful at all in trying to obtain information.

So its safe to say, that even though it may be a few months before I actually buy my first property, I should start seting up my LLC and obtaining lines of credit so that the business is ready for when the time comes?

Just make sure you have the contingency for financing built into the contract.I would then try to obtain financing from a local bank that specializes in land loans.

Since all of these repairs appear to have been needed to make it habitable, the IRS is correct in saying they should be lumped with your purchase price, and depreciated over 27.5 years.If a year from now if you remodel a bathroom, then that would be depreciated over 5 years seperate from your original purchase/rehab costs.The loan you obtained on your original rental condo, is attached to that rental property.