If you are going to buy the property, I would lower your price offer and make sure you have calculated the market value correctly.

In fact, I am putting it on the market at the end of this month, so I'll find out if I bought it (and rehabbed it) correctly.  

I'd chat with your tax person on this, and...maybe get  a few second opinions to ensure it's being reported correctly. 

All in all I know in a house this old sloping is expected and even normal but have to believe something can be done to correct some of the sloping.

I do not think this is true... there is a common believe that you should establish an LLC to invest - and then you open a business checking account for your LLC.. other then that - the LLC has no TAX benefits... it is used mainly as an extra layer of protection between yourself and the property..3. for loans - nothing lower then 40% that is correct, however - you should buy first properties CASH, file income tax every year - and that will start your credibility in the US.. fell free to reach for any questions:-)4. correct in most casesGood luck!!

@David RobertsWhat @Ashish Acharya said is of course correct, but is also highly complicated.Considering that the entire deal started and ended (for you, I mean) within 2018, and no partnership returns have been filed, you may consider cutting corners and treating the deal as 100% your partner's for tax purposes, especially since the eventual sale will be reported under his SSN.On your end, you will report the difference between the total payout you received from him and your total investment as your taxable income.

I can roll that over to an SDIRA, correct?

And yes you are correct, it will be under my LLC, hence the higher rate.

Well after many phone calls and contacting several credit union out of my area it appears you are indeed correct.

The shower operates correctly.