Remember all your investment in repairs can go into your business costs for taxes. 

We really want to try to get our Real estate professional status for tax purposes.

Sellers in the City of Los Angeles now face an extra 4% transfer tax for any sale above $5 million and 5.5% for any sale above $10 million.

It currently cash flows $700/month after taxes, HOA, insurance, etc.If I sold, taking into account the costs to sell, I could make between $390-$440k in profit. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Hi Jason,Here's a few things I'd be mindful of:Separate Personal and Business Finances - get an EIN, open business bank account and use it exclusively for businessMaintain Documentation - keep records of all business transactions and contractsComply with Legal Formalities and Tax Regulation - adhere to all state specific regulationsIn terms of the STR and LTR, it's generally recommended to put them under an LLC by transferring ownership or quitclaiming.

- Do you have a current need for that cash flow generated from the tax savings? 

There is a number of threads about it in the tax forum. 

Our syndication agenda revolves around acquiring discounted land, building single-family homes, and selling upon completion. what are the top 5 boxes you check when prospecting auctioned land at a tax deed sale?

Getting the COC% to meet that pref has become increasingly difficult with interest rates, rising insurance and taxes.