If they take advantage of both 121 and 1031 then they will be able to get some tax free cash for their ongoing retirement and still preserve the asset purchased in the 1031 for their heirs. 100% tax free and tax deferred - it doesn't get much better than that.

While the work is on-going the court case proceeds and gets sorted out.

One point that I have not seen mentioned is the ongoing CAPEX / Reserve allocation; Common area upgrades / refinishing, Roof, Cooling Towers, Boilers, etc, etc. all have to be done at some point as you know from your residential experience.

With those type of tenants, and the age of the property...is it going to end up being an ongoing headache that will nickel and dime away the profits?

Control and eventual ownership of one and three quarter million dollars worth of real estate, for just seven thousand dollars down, is worth a look in my book.Especially when the fundamentals suggest that your tenants (paying you 1% gross per month) would be paying all its ongoing expenses, mostly! 

We had quite a few but the best was the SFH rental with an ongoing annual sewer backup after heavy rains etc.

I don’t know that are sny restrictions on going into contract before that.

Also, the vote is next week and I plan on going and helping to vote it down, but I wanted to reach out and see if anyone had any ideas/resources to take to the meeting to help fight this?

Both Rich Dad Poor Dad by Robert Kiyosaki and The Book on Rental Property Investing by Brandon Turner are EASILY the 2 books I'd recommend if you plan on going this route!

It's been over a year with these same ongoing issues.