When you put it back on the market, make it clear that work was done, as agents will be recognize the listing and will wonder why the price increased.Oh, and find a great listing agent to list it for you instead of doing it yourself.

Sounds like you may have created a taxable sale based the information you have provided.Like Ryan said 1031 exchanges must be handled properly otherwise they won't be recognized.

Finding and recognizing the deal is the problem.

Losses are recognized in the year the loss is realized.

On the other side, recognize with a SFH or condo, when you have vacancies or tenants that don't pay, the lost rents tend to hurt a lot more (especially starting out if you have limited resources and need every penny to make mortgage payments.)

The more that is paid the more of the profit you recognize.

Paul, I would hire a recognized PM company.

Recognize those conflicts with your intentions and ensure only to extend reasonable expectations on to the other party while the rest rests on your plate.

Fast forward a few years & after getting my own re license & taking a 24 hour pm class as continuing education for that re license, when looking over the applications the pms are using, I'm recognizing big holes in the screening process, when reading the pm agreements for landlord's, I'm seeing big holes as well - no real responsibility being accepted by the pms, but tons of fees for both me and the tenant & we decided to run our own rentals.

J Scott - apparently Stephen Masek is a recognized expert in this area; see this link that appears near top of Google search results:http://www.nachi.org/forum/f21/asbestos-still-legal-dates-bans-12239/