I also asked the credit union about getting a HELOC and they said I had to wait 12 months due to seasoning issues.

A friend of mine has two duplexes there and had no issues finding tenants when the prior ones decided to bounce.

The house has major foundation issues, major roof issues, holes in the floor, and is generally in major state of disrepair.  

If not, now is the time to raise the issue of discrepancy.(4) Do a walk through to see what may be damaged/in need of cleaning (beyond reasonable wear and tear.)  

I'd love to start networking with other Oakland based investors/RE agents.Any reasons not to buy a multi-family in Oakland these days with all of the rent control issues?

In general contributions into an entity do not trigger a taxable event.Doing it prior to sale leaves you open to issues of intent and holding period and the thought that you're somehow hiding gain somewhere in the entity transfer.  

Property / Finance details here with comments below.Address: 2626 NE Multnomah St, Portland, OR 97232Property Notes: large basement but ceiling too low, could be zoned into duplex, gutters not attached, evidence of plumbing issues, backs directly to freeway, noise is very present, tenants don't mind noise.  1 squatterPurchase price 337kLiens aka Cash needed - 66kRepairs needed est - 10kRent estimated - $2,300/monthMy number crunch viewable at this linkhttps://docs.google.com/spreadsheets/d/1FJlTFIbInZ...I love the area for appreciation.

There are a few more cosmetic issues that I'll need to deal with, but probably no more than $500 worth of materials and labor. 

@Deddy W. this is definitely an issue for your attorney to handle.

The LLC (being taxed as a partnership), will report the property's gain on its LLC tax return and will issue Schedule K-1's to each partner/member reflecting each partner/member's allocable share of the property's gain.The LLC (again taxed as a partnership), will not actually pay any tax, the LLC partners/members will actually pay the tax on the property gain at their reporting level based upon what was reported to them on their respective K-1's.