In the last few years I’ve done a fair bit of research and reading on Real Estate and have been studying the subject extensively, almost to the point of obsession.

I just heard from the bank that the appraiser is not able to complete any report be it for an "as is" or "subject to" on this building as a SFH, 3 unit with storage in the front house, or 4 unit.

What you're discussing is subject-to moreso than seller financing.

Comps need to be as close to the subject area as possible and as similar as possible (sq.ft., # BD, #BA, etc.).

Did your agent provide comps from within a 3-month period of the same beds and baths and within a half-mile to a mile of the subject property?

@ROB AMSDENI used to do a number of subject to s when interest rates where much higher, and sellers much more desperate.

If you anticipate annual rental income over 50k, then consider S status because with your 140k w-2 as a single individual, your rental income will be subject to the 3.8% NITI tax. 

Hi @Shafi Noss,I'm not a CPA, but my understanding is the appreciation realized on sale of a property are capital gains that are passed through to the LPs and subject to the same capital gains treatment as stock sale gains (as an example).One other thing to keep in mind is that any depreciation realized during the investment (including the accelerated depreciation we all love so much) is deferred, and will be used to lower your tax basis which can also increase the capital gains you show (unless you're rolling into a 1031, of course).Hope that helps.

Real Estate is a large subject matter and I like how you're educating yourself to make it smaller.

The ARV of the subject property is $470,000; Rehab Costs $70,000, holding costs $1,600/month.