Hopefully in November there's a changing of the guard and none of these hairbrained schemes that failed in the 70s (but somehow seem to get recycled) will make it out of committee.

I chaired the re-development committee.

@Nehemiah Ballst, The non-binding version of the tax plan that went from the Senate to the House included an amendment that was a unanimous voice vote to not allow any changes to 1031.The House Ways and Means. committee produced their draft and it left 1031s and the step up in basis alone.

But they can't decide on a line of credit for me without checking with some committee at their regional level.

In either case, I would go ahead and put a stop payment on the check after making sure it has not cleared your account.As a side note, real estate contracts are (at least in Texas) promulgated by a broker lawyer committee and filled in by realtors.

I have our first two unit project going after the historic committee.

Historic districts can make deals losers from all the red tape and approval you have to go through.So your time to rehab goes much longer and bringing back the original character the committee wants can inflate your expected reno costs.A house of that age has many hidden bombs such as galvanized plumbing,radon,knob and tube wiring,asbestos,foundation problems etc.I think it's a marginal deal as well.

lolYou need a local banker that keeps paper in house where the loan committee can look over your unique situation for a chance at being approved.

I would raise a fit and ask them if you need to check with the state realtors committee on their practices and see what happens :) Sometimes people need to be reminded.

Local banks make their decisions by committee usually.