All Forum Posts by: Cheryl Platt

Thanks everyone - I will try the routes yall have suggested and hopefully one of them will work!!

I have found a riverfront property that is currently being used as a vacation rental (and has been for years) and I plan to keep it as a short-term rental property.  The land is zoned commercial but the structure on the property is listed as a single family residence on the property appraiser's website.  I spoke with someone from Asset Based Lending about obtaining financing, but was told that the commercial zoning is a problem as they don't do commercial loans unless it is multi-family.  Is there somewhere I can obtain financing or will I need to see if I can get it rezoned.  The properties on either side are considered commercial, but they also have single family homes on them, but everything else down on the road is zoned residential.  I think it was all originally residential, but some of the properties got rezoned to commercial.  Not sure what my best option is.  Thanks for any advice!

I've sent an email to Matt Lents, but maybe you could answer this...  Could I sell the property to one of my kids and have the renter purchase it from them?

OK, thank you!  I will try contacting Matt Lents.

We have three lots with two houses on them that are all deeded together and are covered under a single property tax bill. We lived in the large house and the guest house was lived in by my daughter and her family until recently. Each house has its own address and we can split the property into two properties and sell the houses separately. We already have two different buyers, one for each house. I'm trying to avoid capital gains tax since the "property" was our primary residence for all but the last two years. If we split and sell the property on the same day, are we still liable for the capital gains on any portion of the sale? When we purchased the property, it was all deeded together then as well if that makes a difference. My other option is to sell the property to my investment property LLC and then split it from there with a back-to-back same day sale, but I'm not even sure if I can do that since I have a mortgage on the property that will need to be paid off and I don't have the available cash to pay it off. Any suggestions would be appreciated! Thanks in advance!