Hi,
I have two BRRRR loans with Fixated Funding, both starting and closing on the same day. One loan was locked at 6.9%, the other at 7.1%. However, I just received the closing docs, and the rate on the 6.9% loan has...

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

Normally seller pays buyer agent fees

This is normal! 

He said that he has to go back a number of years to determine any losses that were not allowed for NJ that can be added to basis...He stated that NJ does not allow net losses on rental properties ; however, those losses can get added to NJ basis so he said he has to go back and review all my losses over time.  

Quote from @Kevin Lorick: This is completely normal.

These are some of the questions you have to ask on a case-by-case basis.

@Bao Vu The purchase price and related expenses from 2023 should be included in the cost basis for the flip sold in 2024, reducing your taxable gain.

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

Ultimately, all the costs would be added to your basis in the property and depreciated when you place the property in service as a short term rental.