If property taxes are $10K per year and they live there for 10 years 'rent' free, that uses some of that 'profit'. 

No....taxes, profit or loss, are the same or worse putting it in an LLC. 

I would like some good ideas with some rough cost estimates to build a profitable apt. building here with the new high-capacity incentive rules recently approved by LA City Government. 

Here is the journal entry on the original seller financeSpecifically what to do with Down Payment to Receive, Loan Receivable account, and Property Sale Profit account?

Profit potential; I Love the Ocean.How did you find this deal and how did you negotiate it?

If my tenants believe for any reason that I'm profiting off this money or the interest of this money in any way, that's a bad mark against me in the landlord-tenant relationship.

Subtract commissions, closing costs, concessions, requested repairs, and my private lender’s profit and we’ll walk away smiling and thanking Jesus for the opportunity he’s given us to make this money but also smiling that a new family will get to enjoy this home.How did you find this deal and how did you negotiate it?

I'm never going to sign a lease without running my screening but I'm wondering if I should ask people for more rent both to make it easier to manage prospects and to increase profit.

Iv'e googled what typical numbers should look like but he also mentioned either a very high money down option or giving up profits on the back in to have the money on the back end.

Remember if your rental is creating a profit in excess of depreciation, paying some more income tax is a good problem.