Now when we sell this subject property,  should we distribute proceeds to each partner of LLC and they handle their taxes themselves OR, should we first take the sale proceeds into the LLC which will call for capital gains tax and then distribute funds to all partners and then again they may have to pay taxes as their income for the year on the profits.What is the best approach in such scenario.

I actually bought a 4 unit a mile away for $45,000 last year but that needed about 30K worth of work so I feel this is about right as this one is turn key with no repairs needed.The seller financing deal - Sales price $63,500Cash at close from me $50004 year note @ 4% for remainder ($58,500), monthly payment of $1000 with balloon at the end, no prepayment penalties.Monthly projectionsIncome =     $2200Expense=    $220 management                     $220 CAPEX = No problems yet but "Unknown age" on the roof and owner has had property for 20 years                     $480 Insurance/taxes = Total taxes for 2017 were $4982 on assessed value of $78000 plus $600 a year for insurance

According to the tax record the last sale was in April 2017 and his post is from August 2017.

@Harris L. since you are self employed you will need to verify business and personal tax returns

Most of the good cash-flowing properties that we are seeing For 15-30k down that will cash flow on average $150-350 /mo after "The Big 6" (mortgage, taxes, insurance, vacancy, management, maintenance) have been paid.

Land value is ~40k per tax roles.Question for rehabbers out there.

If you even look at CA the wrong way they will want their minimum $800 franchise tax.

I’ve got the age old question of whether we should sell our townhome or keep it and make it our first rental.This is my first post on BiggerPockets so please let me know if I have left out any information that may be helpful in the analysis.Single Family TownhomeBuilt: 2001Purchase Date: 2008Purchase Price: $270,000Property Tax: $5700/yearHOA: $125/monthWater/Sewer: $1320/year (Must be paid to county by home owner)Insurance: $800/yearMaintenance Costs: $400/year Other planned future costs: Roof (in about 5 years, ~$5000), water heater (in 7 years, ~$1300 including labor), water softener (in 5 years, $500)Current Mortgage (Refinanced in 2012)Term: 15Rate: 3.375%Principal: $140,000Market Value: $230,000 (Upstate NY market with minimal appreciation expected)Rental: $2000/month ($2200 possible but I want to be conservative)I was also considering refinancing to a 30 year mortgage to help with cash flow but I’m not sure if it is worth the $4000-5000 in closing costs to refinance.Normally I would not consider this a good rental property because of the low/negative cash flow.

I come across many properties where the owner listed in Mass Land Records is not the same listed as the owner in the Tax Assessor's office.  

I'm looking for an accountant that could navigate my taxes for me.