Also, a fair market valuation will need to be performed for each distribution. 

I am looking for someone in both of my markets;  Indianapolis, IN (46218), and Detroit, MI (48208) to provide yearly determinations of fair market value.

I have no idea how it'll play out in your scenario or what the discrepancy was, however.

I have thus far not claimed any depreciation on this property but don't foresee ever selling it so that's not really an issue.From what I've read, my cost basis is their cost basis which is the lesser of fair market value or cost + improvements.

Hi Account Closed - fair points.  

thanks@Christopher Phillips it’s a smaller hard money portfolio lender so they actually got back to us fairly quickly and seem to have a pretty good grasp on the actual properties.

It would be a long term play for me...building in a highly desirable and rapidly growing area.

Play it that way

The real play is to find a high quality tenant for the store-front.

I am fortunate enough to be making fairly good money for a person my age and my goal is to have enough money and knowledge by the time I turn 18 to have a down payment on my first property and have it paid off as soon as possible.