Assuming the building has land basis, there would be a gain on distribution in excess of basis. 

Remarkably, everything aligned perfectly according to my plans, leaving me in awe of the reality I was living in.Presently, I continue to strategize and aspire to acquire more properties, with the goal of becoming a successful realtor investor, further building my real estate portfolio.

Or are you going after 40 unit mom and pop buildings?

It might be of your benefit to take some tours of the neighborhoods.

. -  Low-income neighborhood (lots of section 8 tenants)- Very close to hospital and nearby highschool.

Building also has a commercial kitchen and laundry area.

He looked into the online portal and said the build permit will be expiring soon.

Also wanted to buy this property as it was a board up directly across from my first investment property so by improving it I helped the neighborhood values and keeping the area up.

And yes, we can have a discussion of how STRs ruin neighborhoods, and crime goes up 473%, and people are being displaced from affordable housing, and all that crud.

I have additional space on the lot where I think that I could build an additional duplex or maybe two small single family dwellings.