All Forum Posts by: David Grewar

The home in question is in Florida and there is still a small mortgage on the property. The parent will stay living at the property but POA will hopefully be used to transfer ownership to their adult child

Will this be treated as a purchase by the IRS and is it a straight forward transaction?  Any advice is much appreciated as the goal is to take control of the property to avoid foreclosure. Are there any other options that should be considered ? 

Thank you in advance for any insight or advice you can offer 

Thank you everyone for your replies ! Some very useful answers. I truly appreciate you taking the time to comment and help me build my knowledge and it really helps me plan for my next real estate purchase down here in Florida. 

Sorry to hijack your post Dane but I am facing a very similar situation and wonder if Bill or anyone can offer some clarification. 

I would plan to sell my rental property using 1031 exchange and if possible purchase a dual use property where I would live in one half and Airbnb out the other half on a full time basis. Would this be an acceptable purchase under 1031 exchange rules ?