So when the note is paid off via refinance, They receive principle repayment which is not taxable income correct? 

So i ask for them to update it so it reflects correctly.

Most of the above information is correct. 

So when the note is paid off via refinance, They receive principle repayment which is not taxable income correct?

My goal is to get a high likelihood of approval at 1 one year or longer of financing to allow me to refinance after cleaning up credit and completing some bookeeping/tax corrections to better qualify.Property would be purchased through LLC based on a 1031 exchange where I completed the sale and now need the replacement property. 

The same agent is still holding the listing, proving the original advice was deeply flawed.A listing that sits for two years with a major price correction carries a stigma that often hurts the final sale price more than a quick, accurate initial price ever would.This example is a powerful reminder that many realtors are disconnected from accurate market values and prioritize winning the listing over serving the seller's best interest.What is the logical next step for this seller, and what responsibility should the initial agent bear for the wasted time and lost equity?

@Laurie Geissler, you are correct!

I am very determined and eager to get started if anyone has any advice or ways to get started whether that's with reaching out to hard money lenders, making sure I'm doing my data correct, etc.

That 2024 K-1 is marked as "final", so that should be a sufficient evidence of no future distributions, correct?

Typically, when done correctly, your credit will sky rocket because of the reduced utilization.