I found 2 heirs of the property from the decease guy and they signed a contract to sale me their portion of the property.

Only use an agent that has done several of these transactions- there are few an far between.Also, most agents will want the commission when they complete the lease option agreement, not when they compelte the sale.

The unit was 6 beds 3 baths 2,576 sqft  roughly for 80k only to find out it was just put under contract which kind of confused me if it's currently under contract its still listed as for sale!  

It's just how short sales work.

Personally I'm a sales man so I would do the wholesaling.

But after all, he made a great decision and it was amazingly profitable.Numbers:80k Purchase – cash 35k – Reno Roof, siding, paint inside and outKitchen cabinets and countertop resurfacedPlank floor New tile in bathroomRepair electric and plumbingHome staging 1% of sale price6 month project 165k sale price less 6k closing costs44k Profit Regrettably, this will probably be the most profitable flip I am involved with for the foreseeable future.

There are no properties that sale fast in the area.

If you were to sell a rental house without a 1031 exchange, I *believe* the portion that you have to pay capital gains tax on is the sale price minus the amount owed, right?

The guidelines are different for both types of loans, so I would suggest you speak with a few lenders to see which best suits you.If you do close in  your personal name and then transfer title to your LLC, you may very well violate the due on sale clause contained in your mortgage.

My wife and I had to tenants next door which we inherited from the house sale.