@rick taxed at short term cap gains I intend on keeping till 1 year markYour other questions I’ve answered elsewhere in the thread

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.

TERMS- Deal Type: Seller Finance- List Price: $580,000- Purchase Price: $780,000- Seller Carryback: $693,000- Total Entry: $100,000 Breakdown: Assignment: $13,000 Down: $87,000- PITI: $2,657 Breakdown: Principal & Interest:: $2,000 Taxes: $464Insurance: $193- Rent: $5,250 ($750-800 per unit)- Amortization Years: 28.88- Interest rate: 0%- HOA: NONE- Balloon: NONE- EMD: $5,500- COE: Feb 12, 2025- Occupancy: Occupied, Occupants staying post closing- Title company: PROPERTY DETAILS:MULIT-FAMILY7 Units - 2B/1B per unit- Living sqft: 5,200- Year Built: 1940- Age of Roof: 1- Age of HVAC: New- Age of Water heater: New- Condition of Electrical: Good working condition- Condition of Plumbing: Good working condition

NOI Underwriting Methodology: NRI and EGI, real estate taxes, operating expense underwriting rules of thumb, replacement reserves, appraiser’s impact on lender underwriting, expense comps, etc.10. 

The fact that you have a TAX-FREE income is crazy good.  

I've been buried with tax preparation and a couple projects, so BP moved from the back burner to completely off the stove!

Post Dodd Frank sellers have continued the same bad practice of selling houses to occupants with financing at selling prices that are way high, can't be justified via any type of 3rd party valuation (appraisal, zestimate, tax value, even recent sales in the same area).   

I am told that they did not have closets as they used to be taxed on rooms that had closets.  

Could VRBO users from Michigan provide some clarity about the topic of sales tax/lodging tax collection and payment to the state.