Correct ?

I wouldn't buy for appreciation at this moment in time because who knows when the next correction will come...many think it will be sooner rather than later.....if you are able to buy for cashflow right now in Philly that can definitely be your hedge against the coming correction.Full disclosure...I am NOT an expert....I have 2 units in the SF Bay Area that I have for cashflow and am hoping for appreciation...but if they don't appreciate I still have positive cashflow on one unit and I'm barely below cashflow on the other......In Cleveland I have 6 units and all are strictly for cashflow and they are all between the 2% to 3% rule.

You are correct, they are growing and have a bunch of new development.

Correct?

@Dave Foster So the grey area being, no set time for holding the property, correct?

Obviously it would be going into the LLC bank account, but I'm wondering in terms of the correct tax way to do it.Do you just take the money out month by month and pay taxes on it at the end of the year?

You are correct but I have a step by step plan that I am actively following every day.

@Darren Lenick is correct. 

I took that number to determine my offer and calculated .65 x 46650 =30322.50 (didn't subtract repairs as seller stated everything was up to date) but is that the correct formula to use to figure out how much property could sell for?

Yes I think its a good guide for you and @Kyle M. is 100% correct in what he states.