I’d no longer have to worry about unforeseen issues or dealing with potential bad future tenants.

It's a good idea to obtain quotes to assess potential cash flow before making your decision.Feel free to send me a PM with any questions. 

With that expressed, it's my understanding I can file that with the IRS againt any potential tax return they could recieve that I would be paid back first.

It tells you who sent it.The only thing that is potentially troublesome with these systems, I thought, is you aren't able to not accept funds. 

Doing this could then put you in a position to begin focussing on your plot of land and a potential project to build on it. 

That said, I would at least be getting 2K a month from them, but yeah, I'd be missing out on the potential long term tenant.

Its frowned upon because in many states, we 1099 the borrower after the property sells and if we don't list the property, and don't expose the property to the largest potential buyer market, we can expose ourselves to litigation for artificially suppressing the sales price.

Depending on the operating agreement, if one partner is a non-managing member within the LLC, his/her income may potentially be deemed not subject to self-employment taxes.His actions regarding the LLC would then have to match what the LLC Agreement says.I.E. if the LLC Agreement mentions one member is a managing member and the other is a non-managing member.The non-managing member would not have a say in the operations of the company.best of luck.

That reason will be different for each potential mentor--some mentors will want a monetary return on their time, others will want leads, some will want you to solve problems for them, some simply want the satisfaction of helping you (it's not always about money), some might even be willing to mentor you if they like your sense of humor or personality...but point being: you have to figure out what the mentor wants, and then decide whether you can bring that thing to the table.

It's very common for our clients to 1031 from higher cap expense risk properties into newer properties with less repair risk.It's very difficult to quantify the potential benefit here because you cant predict repairs.