If you're interested in reading the basics, read this. https://www.nj.gov/dca/divisions/codes/publications/pdf_lti/...I'm not familiar with Morristown and Morris county specifically but made two offers on East Rutherford duplexes.

In the meantime, you have two or three residential tenants move out, three water heaters go out or HVAC...all of a sudden your in a cashflow crunch.

Hi this is my first post.last year I created an LLC and move two properties into it, my wife and I own the LLC and we both owned the houses as well.houses have been rentals since 2019, and LLC was created on 2023.this year my CPA says I need to pay over 17,000 USD in taxes to the IRS because"This is a one time thing moving the properties to the LLC.

Our largest concern is respecting the neighbors and our most recent request came from someone that said he is coming in to town with two of his buddies for a college softball game.

Trying to figure out which of these two seems to be better , pro's and con's .

Typically, cash purchases close about two weeks after the relinquished property, while financed purchases close four weeks later.

Feel free to reach out if you have any questions, would be happy to share my experience and two cents.

With the two of you, you just need to make sure that your Operating Agreement allows this, i.e. for your friend to draw off so much cash. 

I went from two live-in flips and a four plex to a 30-unit and the 30-unit was significantly easier to renovate, raise rents, and manage.

To trigger this exception, you must meet three criteria:You must sell your entire interest in the underlying passive activityYou must trigger a tax event, meaning that you must sell your interest for value in a fully taxable transactionAnd you must sell your interest to an unrelated third party, no family or close affiliates.Source Link