Seller owns an apartment complex in a C Corporation

[Bryan Ayres]

I am looking to purchase a property and the seller owns three apartment complexes in a C Coporation (He got bad advise). He wants to retire and not 1031 exchange the properties, but does not want to pay taxes twice on the sale. He was told that if he changes the C Corp to an S Corp he must wait 5 years to sell the property. (Not sure if that is true)

He is willing to do a seller carry on the deal, but at a C Corp he would still be taxed twice on the portion of the sale every year. Is there any ways to change the C Corp or to an LLC or any other ways he can sell and reduce his tax liability on the sale?

Any help you could give me would be greatly appreciated.