@pauw123 wrote:
....the intention was not to keep them as rentals....
If you're a real estate dealer purchasing real estate with the intention of reselling the properties in the ordinary course of your business, then the properties are considered to be inventory.
Any income and expenses would be reported on Schedule C (in your case, which is a single-member LLC without an election to be treated as a corporation for federal income tax purposes).
See https://www.irs.gov/publications/p334#en_US_2022_publink1000313359
If this is your primary business and source of income, you should retain local tax/accounting professionals and local legal counsel.
