Not only does he not have a legal case, he sounds like he is completely incompetent, an alcoholic, and a fool.

My little brother had several since he was about 14, first saying he was 16 and had a license to drive babe's cars, and then when he was 16 saying he was 18 to break curfew in our city, then when he was 17 to say he was 21 so he could drink and buy alcohol. 

Drugs, alcohol, gambling, abuse.  

So it supposedly accomplishes the same goal of a 1031 in that it defers tax (now the basis in the new property would be reduced due to the consumption of bonus depreciation in the first year).

You will also need to consider that you will need to draw up legal contracts for the events, liability insurance, possibly food and safety/alcohol permits, and a bevy of other things that I probably don't know about. 

I'm still in the self-educating/consumption phase of REI but I just wanted to reach out, say hello, and connect with other CLT area investors.

As for time spent managing the property, I have nine recovering alcoholics and addicts in one home, living together in a Group Family Environment known as a Sober Living Residence.  

@Mike MartinIt varies by consumption.

Add in alcohol and done tom turkey.Maybe make a deal with a local rental company to send guests their way. 

Hi everyone, I'm new to bigger pockets, I don't want to take up too much of your social media consumption time, so I'll jump right in.