To get this, I’m paying them about 10% over asking price in total purchase consideration, but the terms and monthly payments are so favorable that it really doesn’t make much of a difference.Although I’ve read extensively about these deals, this would be my first and my big question is around the taxable basis of the property.

It will help us assess where the "bar" is in terms of competition and what consumers are looking for on the platform.

Hey guys I am investing in Dallas Forth-Worth & Tampa area Long term rentals and I’m doing section 8 also , I am getting property with hard money loan , remodel them, and  then re fi them for 30 years , I put around 45-65K for each property I have 4 properties that cash flowing $300, $500, $1000, $250 per month I wanted to get into Multi Family - 4 plex, 6 plex and up even 8-12 units as first deal.  

In the event of a lawsuit or creditor claims against the properties, your personal assets would generally be protected, and only the assets owned by the LLC would be at risk.Tax Advantages: LLCs offer flexibility in terms of taxation.

My plan at the moment is to live at uncles house to save money, finalize things I need to do in my location and find an apartment that has a short term lease of 6 months in Dallas.

You've gotten good advice here but one other thing to look into is what leverage you may have in terms of tying up the property if the seller does not release EM to you.

Longert term goal is to purchase larger apartment complexes.  

i would be purchasing the property with an FHA loan. and im also looking for solid cashflow + long term holding 

When looking to purchase your first investment property, would you prefer a short term or long term rental plan?

A mid term rental type format?