balanced by paying out all profits to myself - how many members if 1 there is no federal return to file. if more it raises the question of why the other member (s) are not getting distributions. what do you mean value of the home? it's supposed to be the same as its tax basis which can be substantially different than its value.
first-year. balance sheet has nothing in the beginning of the year column because it had nothing. see a tax pro to learn basic bookkeeping and how to properly prepare the 1065 if it is needed. maybe even consult on getting a desktop app for doing the bookkeeping once you learn the basics.
