So, while I love to compete, when it comes to my business, I'm happy to be any sized fish in any sized pond as long as I'm making the most money possible.

The accounting approach is taking the lower of cost or market value, so at this point you're establishing your actual cost.So long as your land value is reasonable and can be justified through acceptable accounting practices the IRS usually accepts the value, unless there are really big bucks involved.Ask you tax advisor, I'm an accountant type but I don't do taxes.Had you stated the value in the contract, that would have been the agreed price unless you were obviously trying to pull something, like saying you bought a 100K lot for 10K.

On the partnership, which is an LLC, our lender allows us to bring at least half of the 20% down as a Second Note from Private Lender as long as the DSCR (cash flow essentially) stays in their criteria.

IT IS DIRECTED AT ANY FEES UNPAID BY BANK AS LONG AS THEY DO NOT EXCEED AGREED PRICE.

@Jim Herbst , @Stephen Underhill , @Aaron Junck , @Bryan H, As @Wayne Brooks said and I will confirm:It is an addition to your actual basis; however, as of the date of conversion to a rental it is recomputed as the lower of your actual basis or Fair Market Value.As long as you lived there at least two full years.

If I need to move capital from one to the other I assume that as long as I create a proper paper trail, I'm ok, right?

This means for the purposes of condemned property, the replacement property will be deemed to be like-kind and the requirements met so long as both the condemned and the replacement property are characterized as real property at law.

I now i have to wait 6 more months to sell,can I atleast list the home before the 1 year is up,knowing I cant sell till the 1 year contract is up,as long as we tell the buyer?

i'm a broker in Chicago and I can say with confidence that as long as you get a broker that has a desire to work, that will return calls and is honest with you about price then you're in good shape.

While I have no experience with industrial/commercial leases, I am pretty certain that the laws are VERY different, and state specific.As for your strategy, I agre that loong-term rentals are a solid way to go, as long as you buy right and know all your costs.