After months of negotiating, we finally agreed on a price at $2.8 million.

My name is Jennifer but you guys can call me Jenny.

I know you guys might not be authorized to give out legal advice but I figure it would be best to get opinions from those really doing it.

The land represents ~1% of the purchaseOn the contrary - if you purchase a $2 MM shack in manhattan on a postage stamp lot, the land could represent 99%Lever 2 - % of the property with a shorter useful life.Not all parts of a piece of real estate are depreciated at the same speed.Certain personal property assets have SHORTER lifespans in the eyes of the IRS vs the standard 27.5/39 year livesProperties with tons of this often have:- Over-developed land sites (hardscaping, pools, retaining walls)- Fancy Fixtures- Fancy Furniture (STRs!)

So my question might seem simple or even stupid to some people, nut we all have to start at some point. 

I have never owned a home.

We're bringing a knowledgeable general contractor to the property walk-through next week to assess potential risks, and I will also check the HVAC and electrical systems myself, as I have some experience in these areas.

I used to own a small property maintenance/handy-man company so I have some skills that I would be willing to barter with.

As the years have progressed I have learned so much and now I am setting out to help others. 

I heard about setting up a LLC out of a state that has lower taxes than using your home state which may potentially has higher taxes.