I am full time W2 employee and I haven't done any business (profit or less) in that LLC so far i.e. no schedule C so far.

Today it is worth about double, brings in gross rents over 14K, and I have no debt on it.

they want to make sure that you're monthly debt including your new mortgage does not exceed roughly 42% of your Gross monthly income.  

@Dakota Mivshek  go interview with agencies and let them know you want to start on a top producer team.. you will also see advertisements from top producers looking for listing agents and showing agents.. its a great incubator.its how many agents make the million a year they are a company within a company... plus the team volume goes to the top producer so when you see a top producer say he or she has done 100 million for the year.. that's the effort of the entire team.. they might have brought in 3 mil gross but distributed that to 5 to 7 agents working under them at usually a 50/50 split or so.. so the top producer makes their million a year.. and the other agents who are apprenticing get 40 to 100k a year pretty cool deal and now you have a top producer as your mentor... and he/she is totally interested in how well you do... it goes to their bottom line.. its the new way.. and one that Keller kind of pioneered but all good size brokerages will have teams in them.My wife who is solo did 14 million last year... on her own. its a great business once you put the time in she gets all business by referral.. did not spend one dime on marketing.. ask me how many wholesalers can make 400k plus a year and spend not one dime on marketing...

) - Gross Monthly Operating Income 427.50 - Monthly Operating Expenses Property Management Fees 10.00 Repairs and Maintenance 45.00 Real Estate Taxes 30.83 Rental Property Insurance 25.00 Homeowners/Property Association Fees Replacement Reserve 79.19 Utilities - Water and Sewer - Gas and Electricity - Garbage - Cable, Phone, Internet Pest Control Accounting and Legal Monthly Operating Expenses 190.02 - Net Operating Income (NOI) Total Annual Operating Income 5,130.00 - Total Annual Operating Expense 2,280.24 - Annual Net Operating Income 2,849.76 - Capitalization Rate and Valuation Desired Capitalization Rate 8.00% Property Valuation (Offer Price) 35,622.00 - Actual Purchase Price 15,000.00 Actual Capitalization Rate 19.00% - Loan Information Down Payment - Loan Amount 15,000.00 - Acquisition Costs and Loan Fees 2,000.00 Length of Mortgage (years) 20 20 Annual Interest Rate 4.250% Initial Investment 2,000.00 - Monthly Mortgage Payment (PI) 92.89 - Annual Interest 628.10 - Annual Principal 486.53 - Total Annual Debt Service 1,114.62 - Cash Flow and ROI Total Monthly Cash Flow (before taxes) 144.59 - Total Annual Cash Flow (before taxes) 1,735.14 - Cash on Cash Return (ROI) 86.76%

So my question is since the form asks for "Gross Proceeds" (i.e. final sales price), do I need to, and if so where, show the net proceeds (gross proceeds minus the existing mortgage).

@Bryan Hancock brings up some great points, I would say that a "typical" asset mgmt fee would run 1-3% of gross rents.  3% if it is a steep value add (in theory would require more mgmt oversight) Also, what I have found with many value add plays is that our larger investors much rather prefer to use more of the banks money via bridge loans, being that we like to have a quick turn around this fits well with our model....  

Can probably rent for about $3k/unit, for a total of $72K in gross rents on an investment basis.

Are they your employee or you have them go through a temp agency?

If no one complains then a bad employee (if that's what this is) remains far longer and causes far more damage than they should.