By default, an LLC has the same tax treatment as a S Corp. so no election is necessary.

Believe me when I say that I give those tenants the white-glove treatment!

Ultimately what matters is the value of the building - if you have enough to support/justify your treatment of the amount at issue - go with that.

And that's been a real sore spot for me ever since my tenants stopped paying me in Jan and I just got them out.

The exterior isn't in too bad shape, and the interior is going to take alot of weekends and sore muscles.

A quick scan of a couple sites suggests they slow down in the cold, but treatment is up to you...

Would that stick out like a sore thumb and severely damage our sale price if we leave that out?

The real estate itself is still considered to be real estate for 1031 Exchange treatment purposes.

You will not get an tax treatment since the property is in the name of your 401K. 

You are right Simon, they are all Socialists.They have really wierd stuff in here, I pay socialist taxes to cover healthcare and it costs less than a private healthcare insurance in US.The health cost per capita in US is the highest in the world because it's the best.My wife had to go to the hospital 3 times and did not pay a dime, while sometimes with private insurance you still have to pay a flat fee each time you go there, crazy socialist stuff.My buddy in US had his wife and daughter seek treatment and spent thousands, almost went bankrupt and started smoking, but he likes it.