Property Address: 8114 N 12th St, Tampa, FL 33604
Re: K1s for 2021 / 2022 / 2023 External Inbox Joel Schachter 2:47 PM (5 hours ago) to Jorge, Robert, Hal Excellent Bob! I agree with your outline below, that is, to properly correct, reflect, and amend the 2021/2022/2023 returns as described below. If you can please send out revised K1’s as soon as possible, that would be greatly appreciated! I will work with Jorge on the Notes and Mortgages to true up the paperwork accordingly. Thanks, Joel Schachter 813-380-4196 Please excuse my brevity or potential errors… this email was quickly written on my mobile device. On Dec 10, 2024 at 5:02 PM -0500, Robert Graham , wrote: Please let know how you desire to proceed. If we are moving the interest payments off of For real property and reworking the Notes on the original three accordingly. I will proceed to prepare amended returns to: Reflect the amounts paid at closing by Joel as Member's Capital Reflect the Amounts loaned to RPT as Loans to RPT Reflect the interest paid by RPT as an expense on RPT's books. Thanks again Joel your word document was clear with respect to the transfers you made and the funding of each of the projects Robert Graham CPA, Mtx This communication contains information which is confidential. It is for the exclusive use of the intended recipient(s). If you are not the intended recipient(s) please note that any form of distribution, copying, forwarding or use of this communication or the information therein is strictly prohibited and may be unlawful. If you have received this communication in error, please return it to the sender and then delete the communication and destroy any copies. Thank you. IRS CIRCULAR 230 NOTICE Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter. From: Robert Graham Sent: Tuesday, December 10, 2024 4:49 PM To: Joel Schachter ; Jorge Vazquez Cc: Hal Hershkowitz Subject: Re: K1s for 2021 / 2022 / 2023 I have read your information and there are the following Questions The loans on the initial 3 all appear to be to in For Real Journey's name. Subsequent loans appear to be all to RPT. There are three transfers to the Bank in 2022 do you have a loan document or other to detail the source of these 11/18/2022  BANK, N.A./121000248 B/O: J SCHA    18,500.00 12/06/2022  BANK, N.A./121000248 B/O: J SCHA    10,806.00 12/27/2022  BANK, N.A./121000248 B/O: J SCHA    8,500.00 I think you addressed this as part of the 4rth purchase information on page 3 of your notes. If you have not codified these loans to writting I urge you to do so As far as the S corporation and S election. IRS automatically under the default classification rules causes multimember LLCs to be partnerships. The S Election is not available if any LLC (Partnership) has a member that is partnership itself or an otherwise disqualified member. RPT is a partnership, therefore For Real Property Cannot make this election. If we need to correct the original three loans to reflect RPT as the owner, the tax impact to For real journey should be a decrease in deductions for interest expense. This is an odd situation in that normally you would want the interest expense deduction to be reflected on For real Journey's books. From a practical point the amounts could be reflected as a wrap note from RPT to For Real Journey. If not RPT will have, as a partner, an interest deduction for the interest it pays to Joel. There is an interest reporting obligation here . Normally the mortgagee would report interest received on Form 1098. as opposed to the mortgagor reporting amounts paid on Form 1099-INT. Nevertheless, The sources of deposits and loans are now 100% crystal clear. Robert Graham CPA, Mtx This communication contains information which is confidential. It is for the exclusive use of the intended recipient(s). If you are not the intended recipient(s) please note that any form of distribution, copying, forwarding or use of this communication or the information therein is strictly prohibited and may be unlawful. If you have received this communication in error, please return it to the sender and then delete the communication and destroy any copies. Thank you. IRS CIRCULAR 230 NOTICE Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter. From: Joel Schachter Sent: Tuesday, December 10, 2024 3:20 PM To: Robert Graham ; Jorge Vazquez Cc: Hal Hershkowitz Subject: Re: K1s for 2021 / 2022 / 2023 Bob, Please see the Dropbox link below that contains everything that you need to know pertaining to these 6 transactions and the corporate structure of For Real Journeys. I have included final copies of all loan docs, all settlement statements, email threads and other docs that will help clarify these historical transactions. There are a few elements here that may require Jorge to shed some further light on and provide us with some explanations, however, I think you should be able to follow along step by step. Once you have reviewed, please let me know and we can talk then. I appreciate your help in getting this cleaned up once and for all! https://www.dropbox.com/t/VziPrFxNd6x5ggIw NOTE - Please look at the file "READ FIRST Answering Bobs questions in detail 12-10-2024." This is where I dropped in answers and supporting data. Thanks! Joel From: Robert Graham Sent: Tuesday, December 10, 2024 10:41 AM To: Jorge Vazquez Cc: Joel Schachter ; Hal Hershkowitz Subject: Re: K1s for 2021 / 2022 / 2023 Probably a good Idea but let's make sure we have all the loans attributed correctly. As well as capital contributions. It really si important to get all of the documents timely and into the file folder you created. Robert Graham CPA, Mtx This communication contains information which is confidential. It is for the exclusive use of the intended recipient(s). If you are not the intended recipient(s) please note that any form of distribution, copying, forwarding or use of this communication or the information therein is strictly prohibited and may be unlawful. If you have received this communication in error, please return it to the sender and then delete the communication and destroy any copies. Thank you. IRS CIRCULAR 230 NOTICE Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter. From: Jorge Vazquez Sent: Tuesday, December 10, 2024 10:32 AM To: Robert Graham Cc: Joel Schachter ; Hal Hershkowitz Subject: Re: K1s for 2021 / 2022 / 2023 I can create a new operating agreement based on this information. But Joel is correct. This OA was not updated correctly. Joel? PS: Graystone is ranked #1 in the world in Google for the keyword "Tampa Investing." Sincerely, Jorge Vazquez Chief Executive Officer Licensed Broker Graystone Real Estate & Property Management Subscribe to our YouTube channel Digital Card https://bit.ly/3XVhmQA 8114 N 12th St, Tampa, FL 33604

Property Address: 8114 N 12th St, Tampa, FL 33604

 Property Address: 8114 N 12th St, Tampa, FL 33604
 • Asking Price: $175,000
 • Projected Monthly Rent: $1,700–$1,900
 • After Repair Value (ARV): $280,000
 • Rehab Projection: $15,000

Property Highlights:

  • Single-Family Home: 3 beds, 1 bath | 748 sqft
  • Recent Updates:
    • New Roof (2024)
    • New HVAC (2020) & Ductwork (2024)
    • New Electric Panel & Heater (2024)
  • Public water & sewer
  • Not in a flood zone

With minimal rehab needed, this property offers an excellent flip opportunity, and the strong rental potential makes it perfect for a buy-and-hold strategy.

🔗 More Photos: Click here to view the property.

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