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I just want to say congratulation on your fist steps toward your first deal. It is very exciting. I think you have gotten all the amazing info you could probably get from the experienced members here. Good luck with your transaction!

It is very nice of you to worry about Bob in ths situation. It's nice to see someone who has a heart. Buying the property from him and renting it and letting him live there would certainly be the best deal for him.

Do you have an attorney? If you need a standard form Purchase agreement I could email you a template that you could add your options to. Do you own other properties? What state is this property located in?

What exactly in structuring this do you have questions on?

I am really interested in finding out how many of you have exchanged investment property? Can you tell me about your experiences, good or bad?

Would you do it again? Why or why not?

How did you first hear about the 1031 exchange?

That is terrible - You really handled it well. You must be a patient person.
:superman:

My opinion is that if you are in an area that isn't appreciating then sell and exchange into something in a growing area. Chances are after the new president is elected capital gains taxes will go up. You should take advantage of using the 121 and 1031 sections of the tax code. Hold the property until you have rented it for 24 months and then sell to benefit from both. Are you an accredited investor? You should look into investing in a tenant in common property. They have some really impressive cap rates lately. No maintenence and you get your checks monthly similiar to owning a rental property.

I agree with John completely. What are you doing currently as your plan?

For me personally it was just a smart long term investment. I am young now but my entire family is from upstate NY and I wanted to have property there originally to be able to stay in when I was visiting. Real Estate is low maintenance and in the right area you can get some amazing apreciation from real estate. Plus there are many ways to build wealth through property and not have to pay taxes on it.

Thank you William. Are you an attorney? We have an ex IRS agent in our office here. It's so tough to get anything worth the time from the IRS. How long have you been in business and how is the market for exchanges in CA? I would love to speak with you more. Can you email me?
Thank you. :D

I know nothing about the LLC you brought up but I do know everything about exchanging. If you have questions please email me. I am always available.

Did you really get a straight answer like that from the IRS? I have been trying for years and they always tell me they can't answer those questions...Hmm, can I go through you next time I have a question?

The right answer to this question is there really is no guidence from the IRS in writing on what to do. They tell you that the "true owner" of the property must do the exchange. This means in their eyes, of course. The person paying taxes on the property is the true owner. So if in fact you have soley been claiming this property on your tax returns then you are the owner and exchanger.

Quit claim deeding may clean things up for you but try to put as much time in between the deeding and your sale as you can.