One thing to be concerned about is if there are multiple shareholders; you may need to make equal distributions to all shareholders.I would then make a contribution from you to the LLC to then purchase properties.Making transfers between companies is possible but you may need to record it as loan/payable which may require loan documents and paying interest.

Follow these steps to why:1 - Add up the cash flow per year.2 - Divide $475k by that number...this will tell you how long it would take for the CF (assuming all goes perfect) to equal the profit from a sale.3 - Take the $475k, and apply it to the down payments to buy new cash flow properties...

I want to protect myself from any damages if they accidentally bump the garage door, or the other tenant's vehicle, but I also am not sure if it's accurate to use my regular tenant's lease, or if it's appropriate to ask for a security deposit.The spot is going for $200, and with my leases I normally ask for a security deposit equal to 1 months rent.I've heard of a storage space lease, but I don't want this to be used as storage as I cannot provide additional security beyond a door lock, working lights, and closed garage door that the tenants are responsible for closing. 

As long as that remains, please don't ever look at another property with a purchase price that equals ARV unless there's SICK cashflow.

Actually, I would rather do what you suggested anyway, but couldn't I also 1031 exchange the primary residence, assuming that part of the property is equal in value to my current primary residence?  

@Steven QuanProfits will not equal the cash that you get from a sale. 

I bet most buyers think they either get equal representation through dual agency and not what happens more often than not which is a listing agent working on behalf of their client in negotiating with a CUSTOMER....

Monthly lot rents equal about 20k.

I'm learning I have to be very clear in what I want done and how I want to go about things.Also as part of a package deal they split the 60k sale price equally amongst the three properties where as now I'd have preferred they prorate them based off an estimate.

I'm learning I have to be very clear in what I want done and how I want to go about things.Also as part of a package deal they split the 60k sale price equally amongst the three properties where as now I'd have preferred they prorate them based off an estimate.