@Kyle TolbertYou essentially did seller financing.As a result - the $5,500 that you get every month will be paid towards basis, capital gains and interest income.In simplistic terms - $5,500 x 12(months in a year) x 30(per the agreement) = $1,980,000.You will be reporting $1,230,000 of interest income over 30 years.More of the interest income will be reported in the earlier years since not much of the payment will go towards the principal.The bad thing is that interest income is normally taxed at ordinary rates.

There is a pair of brothers here, very popular on television, called "The Property Brothers" that essentially lived what you are proposing.

So, essentially, you can carve out roles and spell that out in the LLC and compensation, ownership %s, etc for that work can be structured into the agreement.  

If you do a first year rehab, this number should be lower as your R&M expense is essentially capitalized because of rehab (e.g. instead of carpet cleaning you replace it)Contract Services (landscaping, security, etc.): depends on the property condition and historyGeneral Administration: $200/unit/year but a PM company should have a better ideaMarketing: $50-80/unit/yearPayroll: $1100-1200/unit/year - may go lower to $1000 depending on PM companyUtilities paid by the property: historical from T-12 inflated by 2%.

Surges damage the internal electronic elements, but that won't be helped by ground connections.So there's no harm in an "awareness clause", but it isn't really related to the ungrounded outlets.

This project is essentially a complete gut that will include addition of roughly 700 SQF, new roof, siding, landscaping, privacy fence, hardwood flooring installation, interior re-design into an open concept floor plan, upgraded kitchen with granite counters, new cabinets, stainless steel appliances, etc.

It would essentially be a 3 to 5 year flip.

Essentially, Form 5498 provides independent confirmation to the IRS of the amounts you contributed to IRAs and other tax-preferred savings accounts.Be sure to go through your prior year tax returns to see if you kept your copy with your return(s).

So you'd have to use hard money, and have a few options from there...Carry the costs of hard money until you sell it.Refinance out of the hard money and into nice 30 year fixed financing after you've made it a complete home that a traditional mortgage lender could lend on.Refinance into renovation financing, starting that process the day after you close, to essentially finance the costs of what it'll take to make it a complete home.

@Brandon Turner @ben leybovich,@sam craven @bill syrios Hello BP Friends,  I'd love to tag others, but for some reason, I don't think I'm operating the tagging feature correctly, so I'll just roll with my question:-What are the ESSENTIAL questions you ask, when interviewing candidates to be your employees?