You confirmed that you have a proposed offer and have not executed the offer nor are you exclusively contracted with an agent at this time.  

Under most judges' interpretation of the law, currently, you must have three years of exclusive possession of the property after the tax deed date before you can quiet title. 

Was it an exclusive listing where you need to compensate the listing broker regardless if the property sells during the listing period.3.

Will you qualify for a Sec 121 capital gains exclusion when you sell the coop (how long have you lived there)?

JoeHi Joe, Since you've occupied the home for 2 of the last 5 years you qualify for the 121 exclusion. 

@Travis Dutro Read IRS Section 121 exclusion.

In 2020 I'd like to purchase a second home to use exclusively as a business property.I own an online retail company and we run out of a rented warehouse and I'd like to take my rental dollars and invest them in a house instead.

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

Umbrella policy's and LLC's aren't mutually exclusive, that means it's not "eithe/or" but "and".Also the two informed posters above put the LLC proponents vs. just umbrella folks at 50/50.

I understand they are not mutually exclusive.