This self- employment tax is a combination of Social Security and a Medicare tax .If there are two or more members of LLC, then that LLC generally must file its' taxes as a partnership.

The down payment was a combination of personal savings and an investment from a close friend.

I'm just at a loss as to how to proceed after we make a deal as far as the combination of bank financing and seller financing.

. - the lawyer i typically use did the title search so i covered that bit - the seller lawyer's (a different lawyer) did the tranfer documents from the seller's name into my wifes name, she is now listed as the owner when i look at the online tax records for the county - i dont know if any other title company was part of the transaction - once the property was in my wife's name, i paid off the credit union mortageg which was in the name of the seller - typically i use the HUD when filling in tax forms - not sure what i need to produce this time @Paddy O'dowd ,You need to keep detailed record of every penny you put into the property as all of that is combined into your basis.

There have probably been many posts similar to mine, so I will try to make it unique to my situation and goals.

I have more trouble with this building than all of my other units combined.

There is the consideration of wanting to become landlord again, and then there is the estimated profit to see if it would be worth your time and effort: this is unique to every property.

You know, in your profile you say something to the effect that "every intown property has had its unique challenge."

For the 147th time, real estate is unique, it can not be directly compared to stocks or bonds or annuities or the manufacture of widgets.

I started looking into portfolio because of the combinations of purchases I am considering.