Help me save my mom from not having a savings :(

[John Swiger]

I have three properties that I need to do something with, any ideas would be so grateful. I'm in my late twenties and needing a way to save my mom from not having a savings. Here the properties: 

1. My mother's house (she currently is 65 doesn't have a savings). The house is in San Antonio, market value $430k, needs about $50k in work to get it there.  Is paid in full, no capital gains taxes required. 

2. My first house (in Austin) I purchased 4 years ago (I lived in for 3 out of the 4 years). I owe 105k and could sell for 260k. Needs about 20k worth of work to sell. No capital gains required if sold soon. Could rent for $1600, cost a month is $1200. 

3. My current residence (just outside of Austin) was a silly money pit purchase for $375k and could sell for $500k (I owe $289) after about $50k in repairs. Need to live there one more year to avoid a capital gains tax or could do a 1031).  

I need to figure out a way to generate the most income from the sale of these houses, or to keep my first house and then figure out another solution. Any help would be great! Need to figure out how my mom can survive :) 

[Joe Splitrock]

@John Swiger here is my comments:

1. Where is your mother going to live? Assuming you sell her home, it will net her tax free cash, but will also require she buys or rents another property. 

2. You may be able to sell without capital gains, but you are required to do depreciation recapture (even if you didn't depreciate on your taxes when it was rented). The depreciation would be taxed at 25%. Talk with an accountant about your specific situation. 

3. In addition to needing to live in the property one more year to avoid capital gains, you will also need to wait two years after sale of property 2, should you chose to sell #2. You have to wait two years before using the exclusion again. I don't think you can 1031 exchange this property, because it is your primary residence. A 1031 is a like kind exchange and this is not a rental property, so it cannot be exchanged into one. You could 1031 property 2. You could convert property 3 into a rental property.