I took my profits and used it to open a business.

Again, offering some dollar amount to make it ok, might get you some cash in hand and head off an issue.I wish you big profits!  

- Building is nice, seller essentially bought it as a single family, rehabbed it and converted it to a 2 family, but has some issues i wanted to fix but seller simply gave a 5k credit without fixing anything i asked for.

You simply do not have a late fee charged if paid by the grace period.

Harsh Singh Short answer is that the 50% rule should cover everything but debt service and profit.

@Basit Siddiqi, thank you for your response.Just to be clear, out of the 40K recognized as profits to the LLC, I can deduct all closing costs thus reducing the tax burden to me when it moves as ordinary income to my return?

You were a 5% owner if you owned (or are considered to have owned) more than 5% of your employer's outstanding stock, outstanding voting stock, or capital or profits interest.And yes, you can use depreciation to offset other income, but the amount of depreciation you can use is going to be based on passive income rules. 

the gurus sell the idea of wholesaling as easy and no money down but that couldn't be more wrong. there is no guarantee return on the money invested in marketing . a wholesaler needs to do a lot, a lot of research to the local market where they are trying to find deals. you need to not only find the deal but prove that it is one to a potential buyer/investor. now Im not trying to discourage you, there are plenty of ways of getting started without MUCH money down .you can get a few cards made at a copy/print shop. you can talk to people and let them know what your trying to do. you can build a social media platform which is free. remember as a wholesaler your simply trying to find the deal then sell it at a commission. a friend of mine that is an agent uses their title company  to find information on houses in my neighborhood,  become friends with agents!.

Concepts I think I understand are :If the transactions are not of equal value you, you pay capital gains on unused profit. 45 days to identify deal of equal value / 180 days to purchase them. 

Finally I know that there are some states that require you to go through a real estate agency for closings, whereas others will simply allow you to use a closing agency, saving you money on the process.