Multifamily Building Buy/Sale Same Year Hopefully Simple Tax ??

[John Michael]

i am a retired teacher.  I use Turbo Tax. In January 2016, I purchased a four family apartment building here in Cincinnati for $100k.  It was completely rehabbed with an additional  $150k.  The total investment of $250k came from my savings.  The original idea was to fix up the units and rent them, but I have abandoned that idea.  The contractor who did most of the work has approached me with the idea of  selling the building to him on a land contract.  If I sold him the building on a land contract for $250k, which is exactly what I have in it, on a 15 year payout, am I correct that the sale would result in a wash, no earnings to be taxed on, and the only taxes I will pay will be on the interest portion of the monthly payments for the next 15 years.  And if he refinances  at a later date and pays off the contract, that sale would not be subject to any taxes  since it was listed for this tax year.  Seems simple enough to me, but with the IRS I'm not quite sure.  Thanks for any help.